What services do we sell abroad?

Excuse my ignorance, but I've never really got this, - what services do we sell abroad?

I'm of a generation where we exported goods, and that I understand, but all I seem to hear about these days is that now we sell 'services.'

How, what, where?

Please will you keep it as simple as you can, but rather than just 'financial services,' could you explain what they actually are? And other things too.

How many of you in Sheffield sell services abroad? Can you explain?

Excuse my ignorance, but I've never really got this, - what services do we sell abroad?

 

I'm of a generation where we exported goods, and that I understand, but all I seem to hear about these days is that now we sell 'services.'

How, what, where?

Please will you keep it as simple as you can, but rather than just 'financial services,' could you explain what they actually are? And other things too.

 

How many of you in Sheffield sell services abroad? Can you explain?

We do.

It involves receiving an instruction from abroad to do something legal (legal service) in the UK or (for now, still) in the EU for a foreign client, because our US (or Chinese, Korean, Indian <etc>) "equivalent" (same firm as us doing same thing we do, but in their own country) representing that foreign client in the first place, is not allowed to act in UK or EU.

So we provide the service (legal) here in the UK (and into the EU from the UK) and bill them. That's the export side.

And then reciprocally, when our own GB clients want the same legal service abroad (US, CN, KR, IN, <etc>), we instruct these "equivalents" (because we are not allowed to act there) and they bill us. That's the import side.

After actual Brexit, we'll lose our ability to work in the EU, so both our GB clients and our foreign equivalents will go somewhere else that still can provide the EU services (any of our "equivalents" in the 27, expectedly IE, FR or DE most likely). We'll still be doing the UK ones and operate on the above reciprocal model.

Very informative, thankyou.

---------- Post added 28-06-2016 at 10:58 ----------

Any more?

I'm sure L00b isn't our only exporter of services.

universities sell education to foreign students

legal services

project management services

other professional services, eg architects

research

testing laboratories

just a few I can think of

Good question - I've never fully understood how what & how we sell services abroad.

One related question, I'd be interested to know the answer to, is why isn't the balance of payments ever referred to on the news - in the same way that unemployment or interest rates are? It seemed, when I was growing up, that the newscaster would frequently talk about the 'balance of payments crisis' in ominous tones.

Having North Sea Oil in the 1980s greatly helped matters - however that won't last forever. After which, will the balance of trade assume greater significance, and will exporting goods and services become so much more important?

One of the key services sold abroad is finance. The role of the City is not to be underestimated in job and wealth creation. I know it isn't a popular thing to say in the light of 2008, but it is a fundamental part of the British economy.

One of the key services sold abroad is finance. The role of the City is not to be underestimated in job and wealth creation. I know it isn't a popular thing to say in the light of 2008, but it is a fundamental part of the British economy.

Indeed it is.

I read an article, which corroborated what I had heard, but never believed, that Britain has more accountants that the rest of the EU countries put together. That is almost the highest number per capita in the world.

Though obviously not every accountant works in the banking sector.

The Uk also has one of the most deregulated banking systems I believe, and so is something of a tax haven. I don't want to get into this on this thread particularly, as it's been done before.

Hyper mentions a niumber of services such as architects, project management,research etc. But surely other countries have enough of these of their own?

I sell my research and consultancy services abroad.

The Uk also has one of the most deregulated banking systems I believe, and so is something of a tax haven. I don't want to get into this on this thread particularly, as it's been done before.

 

Hyper mentions a niumber of services such as architects, project management,research etc. But surely other countries have enough of these of their own?

The UK is an absolute frontrunner in research, globally. The UK Universities are on par, if not better than, the best America has to offer and most countries can only wish for such a strong University sector.

Admittedly there are issues with the anglo-centric measurement of 'success' when it comes to Universities, but having been to many Universities all over Europe and China I can assure you that most are in awe of our quality here.

The UK in general is quite deregulated/market driven compared to most nations. This leads to a good competitive environment for services, those that export well in particular.