Belfast Telegraph

Services are set to be half of exports in 10 years

By Staff Reporter

Services are set to account for half of UK exports from 2026, hitting parity with goods for the first time, a new report has predicted.

Research by Barclays found the total value of exports would increase from an estimated £536bn this year to £880bn within a decade.

The United States and Germany would remain the UK's two biggest export destinations, while China would become increasingly important as a trade partner, the report said.

Matt Tuck, head of global transaction banking at Barclays, said: "These latest findings demonstrate the increasing importance of the UK as a global services hub, in addition to the traditional UK stronghold for goods.

"The UK is expected to continue performing strongly with higher-value, higher-margin products in the coming years."

Belfast Telegraph