Big rise in value of exports from the Welsh financial services sector

New research on the value of exports in the financial and related professional services sector has been released by TheCityUK

The value of exports from financial and related professional services in Wales has grown significantly, shows new research from representative body for the sector TheCityUK. In 2023 they grew by 14.8% to reach £4.8bn.

A report from TheCityUK, Exporting from across Britain: financial and related professional services 2026, also reveals that in 2023 almost half (49%) the industry’s exports originated outside London, with Wales accounting for 2.8%.

Taking a longer view, over 2019-2023, Wales recorded the fastest annual average growth rate of financial and related professional services exports at 17%.

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The data also highlight the importance of services to Britain’s overall economic position. While goods exports declined by 3.6%, total services exports rose by 14% in 2023 to £465bn, with financial and related professional services accounting for almost 40% (£174.3bn) of all services exports.

The Welsh share of 2.8% of overall UK financial and related professional services exports, equated to £4.8bn. It was only lower in the East Midlands with 2% (£3.5bn) and the north east of England, 1.5% £2.5bn)

The highest contribution was in London with 51% of the total (£89bn), followed by the south east of England 10.4% (£18.1bn) and Scotland with 6.9% (£12bn).

The report also shows that for the Cardiff Capital Region financial services contributed for 49.6% of all exports, while for the Swansea Bay City Region it is 42.3%.

TheCityUK estimates related professional services exports from Wales accounted for 1.9% of Great Britain’s total related professional services exports in 2023. It also shows that 28% of Welsh financial services exports went to the EU.

Tom Bray, TheCityUK chair for Wales – who is also a partner with law firm Eversheds Sutherland – said, “Wales has established a financial and related professional services industry that has deep and highly regarded expertise. Firms here are increasingly exporting that expertise to international markets. The significant uplift in industry exports shows that Welsh businesses are playing an important role in the UK’s global services success, while supporting high-value jobs and investment across the country.”

The report has five key policy recommendations for government to priorities. They are: drive growth across the UK by strengthening trade intelligence and commercial diplomacy; deepen engagement to capture global market share; accelerate partnerships with high-growth markets; positioning the UK as a global digital services hub and secure the talent need for long-term competitiveness.