The UK advertising and marketing industry might be bracing itself for a coronavirus-induced cold snap but it does so in a position of power, with the British sector witnessing a 15% rise in exports to £7.9bn, the largest balance of payments surplus in Europe.
One note of caution is that the UK Advertising Export Report 2020 only contains figures from 2018, although why it has taken so long for the stats to emerge is anyone’s guess.
Even so, the Advertising Association study shows exports grew from £2.4bn in 2009 to £7.9bn in 2018. The US is the single largest market for UK advertising services, worth £1.1bn, closely followed by Germany on £1bn with France on £733m.
The move means advertising has seen off telecoms and engineering services to become the nation’s second-largest services sector export behind computer services, with service sector growth as a whole increasing by just 2%.
Advertising Association chief executive Stephen Woodford said: “This new report demonstrates the continued strength of the UK as a global centre for advertising and marketing services. To have jumped into second place as an export among comparable industries is a genuine demonstration of UK advertising’s strategic, creative and technological strengths.
“It is something we should be rightly proud of. We are determined to throw all our energies into building on this position of strength to enhance the UK’s status as a world-class hub for responsible advertising that makes a valuable and trusted contribution to people, society, businesses and the economy.”
The industry bodies are not resting on their laurels, however. Earlier this month, Decision Marketing reported that they have joined forces with the Government for a major initiative designed to boost business opportunities in key markets across the world.
Funded by the Department for International Trade, the UK Advertising Export Group comprises the DMA, the IPA, the Advertising Association, the Advertising Producers Association, London & Partners and the Creative Industries Council. It has so far secured 37 members from across the UK sector.
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