The UK is now the world’s fifth largest exporter of technology services, a new report from Tech Nation claims.
The “Unlocking Global Tech” report states that the UK exported more than $31 billion worth of technology services last year, placing just behind India, the US, China and Germany.
The UK recorded a trade surplus of 55 percent, higher than the average global trade surplus of 48 percent. The report argues that this surplus comes, in part, from a growing number of high-growth tech export companies, of which there are currently almost 7,500 in the country.
Trade surplus has also risen over the last four years, from $11.5bn in 2015 to $17bn in 2019. The only two industries in the country with a larger surplus are the insurance and financial services sectors.
The report argues that exports could grow by another third (35 percent) within the next four years, adding an extra $10.8bn.
“UK founders, government and industry leaders should all be gearing up to double tech exports by 2025, in the aftermath of both the pandemic and Brexit”, said Gerard Grech, Tech Nation CEO.
“By doubling exports, UK tech could contribute an additional £23bn to the economy per year by 2025 and move up the ranks to become a top global exporter of tech.”