UK advertising exports recover to pre-Covid levels

The UK exported £15bn in advertising and market research services in 2021, according to latest Office for National Statistics (ONS) data, marking a return to the industry’s pre-COVID trajectory.

Why it matters

The figures reaffirm the importance of export markets to the UK industry and come shortly after the UK Advertising Exports Group (UKAEG) completed its biggest trade mission to date at SXSW in the US (as part of UK House which attracted over 10,000 delegates, including a collaboration with the American Advertising Federation) and as it looks to new growth potential from membership of CPTPP, the Pacific trade bloc the UK recently joined. 

Key stats

• Advertising exports rose 32.5% in 2021 as the industry recovered from the initial impact of COVID. Advertising imports rose 70% to almost £12bn.
• The UK is second only to the US in terms of exports worldwide and the US remains the largest recipient of UK exports (valued at £3.9bn in 2021), far ahead of Germany (£1.36bn) and Ireland (£894m). 
• The top ten recipients of UK advertising are largely EU countries with a new entry from Australia at 7th receiving exports worth £538m.
• Inflation is having a significant impact: analysis by Credos shows the difference in export value vs real terms in 2021 is approximately 12%, compared to 2016. (For further analysis of the export figures, visit the Credos hub on the Adverising Association website.)

Key quote 

“As the UK Government sets out its ambitions to become a science and technological superpower, we should not forget the UK is already a creative superpower and our recent success at SXSW demonstrates how our industry can continue to play a key part in UK export growth” – Stephen Woodford, CEO, Advertising Association.

Sourced from Advertising Association