UK has record finance exports
by brian_turner
The value of UK financial services exports, including investment banking and insurance broking, reached a record $19bn in 2004, according to a study by research company International Financial Services London.
The company said that global stock market recovery resulted in improved sales in the City of London and exports grew by 9%. Insurance produced the highest overseas earnings, with exports totalling £6.3bn.
According to the study, the UK achieved a surplus in financial services trade with every major EU economy and also with the US and Japan. Net exports of financial services increased from £17.48bn to £19.03bn in 2003 and were 40% higher than in 2000.
Investment banks and fund managers benefited from recovery in European and US stock markets and trade continued to increase in specialist financial instruments such as hedge funds.
Banking-related exports increased from £2.8bn to £3.7bn and income from securities dealing rose to £3.6bn.
Shipbroking was the most rapidly expanding contributor to exports, with foreign sales rising by more than 40% to a record £551m.
According to Jeremy Penn, chief executive of the Baltic Exchange, British companies benefited from the strong increase in freight prices. Approximately 50% of global freight tanker business is negotiated in London.
The United States remains the largest export market for UK financial services.
The UK’s surplus with the US remained above £5bn in 2003 and its surplus with the EU totalled £4.8bn, reflecting its position as Europe’s financial capital.
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