The Advertising Association has published its UK Advertising Exports Report 2022 showing UK exports weathered the disruption of COVID in 2020, though export strategy will be reviewed because of the challenges the industry faces going forward.
The figures are taken from an analysis by the advertising industry think tank, Credos, of data from the Office for National Statistics (ONS). They put advertising and market research in third place among comparable UK industries in 2020, behind insurance and pension services (£20.7bn) and computer services (£12.9bn). The US remains the largest recipient of UK exports, receiving £1.2 billion worth of advertising and market research services, followed by Spain (£895m), then Germany (£877m).
The UK is second in the world for advertising services exports ($13.6bn) with the US leading at nearly $22bn – with a significant gap between its nearest place competitor – Germany coming in third at $11.8bn, according to OECD data.
UK advertising’s outreach to the global stage was bolstered by the promotional work of the UK Advertising Export Group (UKAEG) in partnership with the Department for International Trade (DIT).
Through UK House it has created more than half a million contact opportunities with potential customers from 40 countries since the first lockdown, and in 2021 generated £21m worth of new business for members.
The Export Group has announced it will be reviewing its export strategy for the decade ahead. It will ask key questions on the impact of the lockdown, the UK’s withdrawal from the European Union, the rise of e-commerce, and the development of new international trade opportunities. This will inform the work the advertising industry undertakes, together with Government, to build on its previous decade of growth and ensure the UK maintains its position as a world-leading hub for high quality advertising and marketing services.
More at https://ukaeg.com/