In 2020, the year following Brexit and the onset of the global Covid-19 pandemic, UK financial and related professional services trade surplus increased to $101.7bn (£79.3bn ) up from $93.8bn (£73.5bn) in 2019, with industry exports generally appearing to be more resilient to issues which impacted the global trade in goods over the same period.
The total value of UK financial services exports remained stable in 2020 at £82.4bn. Financial services exports to the EU were down 6.6% to £24.7bn year-on-year, while exports to non-EU countries rose by 4.1% to £57.7bn in the same period, with exports to the US rising by 5.3%.
When looking at financial services trade surpluses, the UK overwhelmingly remains the clear global leader. The UK financial services trade surplus in 2020 was $80.6bn, almost as much as the next two leading net exporters, the US ($66.9) and Singapore ($24.8), combined. Data which underlines the UK’s competitive position in global financial markets.
The future of the WTO E-Commerce Moratorium hangs in the balance in Geneva this week at the Twelfth WTO Ministerial Conference.