US and Germany top services trade partners with UK, new data shows

 
Jasper Jolly
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Germany is the UK's second biggest partner for services trading (Source: Getty)

Germany is the second largest partner worldwide for most services trade with the UK, according to data published today by the Office for National Statistics (ONS).

The US is the biggest trade partner for services, with £8.4bn in non-financial, non-travel exports in the second quarter of this year. The UK imported £4.5bn of the services caught in the survey from the US.

The quarterly figures were released for the first time in an effort to provide a quicker snapshot of trade. Importantly the figures published yesterday do not cover much of the finance industry, which will be included in later releases.

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Germany was the second biggest services trade partner, with £2.5bn in exports from the UK and £1.4bn in imports.

Seven of the top 10 UK trade in services export and import partners were shown to be European.

The figures, including large trade surpluses with many EU countries, illustrate the extent of demand for UK services in the EU, according to Stephen Booth, director of research at Open Europe, a think tank.

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Some services export capability will have to change or move out of the UK, Booth said, but he added that some British services “can’t be replicated” in the EU.

"Gerard Lyons, chief economic strategist at Netwealth Investments, said the figures reinforce the importance of "non-price factors" to UK services trade which allow it to run large surpluses."

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