Trade in Services

Total service exports 

The total value of service exports from the North East region in 2021 was £5.3 billion. Per working age person this was the second lowest level amongst the nine English regions. The North East also had a lower value than the Northern Powerhouse total. 

Service exports from the North East were slightly lower in 2021 than in 2020, suggesting that service exports did not immediately recover from the impact of the Covid-19 pandemic. Compared to national comparators service exports from the North East have been growing more slowly over the last five years.
 

Service exports by industry

Financial services made the single largest contribution to North East service exports in 2021, accounting for 29% of the total. However, exports from this commodity group have fallen by 24% since 2019. The next two largest sources of service exports were the real estate and manufacturing industries. These industries have seen percentage increases of 55% and 2% respectively.

Service exports by market

The North East exported slightly more to non-EU markets than EU markets in 2021, with Non-EU markets accounting for 60% of the total compared to 40% for EU markets. The North East’s largest single market for services was the United States accounting for 21% of total service exports.

Compared to England excluding London the North East exports a greater proportion of its service exports to the EU (40% versus 34%) and a lower proportion to the United States (21% compared to 25%).