U.K. Services Exports Drop as Trade With EU Falls, ONS Says
U.K. Services Exports Drop as Trade With EU Falls, ONS Says
(Bloomberg) --
The value of U.K. services exports fell in the second quarter, driven by a decline in trade to the European Union.
Overseas sales in that category decreased to 72.2 billion pounds ($93 billion) in the three months through June, down 2.1% from a year earlier, Office for National Statistics data showed Wednesday.
Those to the EU dropped 1.7 billion pounds, primarily caused by a slide in exports to the Netherlands, which bought fewer business services. These include research and development activities, and professional and management consulting.
Services are particularly important to the U.K., accounting for the vast majority of the economy. Exports of them to countries outside of the EU rose in the period, with the greatest increase in those to the U.S. Imports of services to Britain from the rest of the world rose 1.3% to 48.5 billion pounds, the ONS said.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net
To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, David Goodman, Craig Stirling
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