Not sure Easter Saturday at the height of the coronavirus crisis is the obvious time to talk trade in services, but if there's nothing you'd rather do read this excellent thread.
In short US services trade data is totally distorted, and the same probably applies to the UK.
In short US services trade data is totally distorted, and the same probably applies to the UK.
I recall a sage old hand of trade policy dismissing most of the UK's services trade exports as being activity taking place elsewhere booked to UK financial institutions. An exaggeration with doubtless a considerable element of truth.
Then as this tweet suggests there are all manner of services exports which are probably not showing up in any figures (and may not be always legal under WTO rules, but these are private transactions so who cares too much...)
A significant slice of UK services exports also comes in one way or another from visitors to the UK - whether university students, film production, or shopping. As we now see from the economic impacts of them not being able to come... theguardian.com/education/2020…
Services trade is real, and the UK is highly competitive. But the exact breakdown of those services, and how we'd want to encourage future growth, remains pretty unclear. Its the sort of question it would be nice to answer before doing any trade deals... /end
