UK advertising exports hit £6.9bn in 2017
A new report has revealed that international trade in UK advertising services reached £6.9bn in 2017.
Advertising exports increased 18 per cent compared to 2016 and outpaced overall UK service exports according to newly released figures from the Advertising Association.
The figures reveal advertising is now a bigger export industry than legal services (£5.1bn) and insurance (£3.1bn), the same size as telecoms (£6.9bn) and not far behind computer services (£9.5bn) and engineering (£7.8bn).
James Murphy, chief executive at ad giant Adam & Eve DDB, said: “This new report demonstrates the strength of the UK as a global exporter of advertising services.
“To have reached almost £7bn in exports and more than tripled the value of overseas trade in the past ten years testifies to the creativity and entrepreneurial approach that is a hallmark of UK advertising.”
The AA’s think tank, Credos, surveyed 120 UK advertising and marketing businesses for the report and it found that 87% generate income from outside the UK, with overseas clients accounting for an average of 31% of revenue.
But City AM reports the figures also highlight the importance of EU markets for the industry in the run-up to Brexit, with the £3.2bn exported to EU nations representing 55 per cent of all total exports.