The report, called UK Advertising Exports Report 2021, says that international trade of advertising and market research rose 7% year-on-year in 2019, the most recent year for which data exists.

This ranks advertising and market research third among similar export industries, behind insurance and pensions (£20bn) and computer services (£12bn).

The figures are taken from an analysis by advertising industry think tank Credos of data from the Office for National Statistics’ Pink Book, which shows the UK’s balance of payments.

The US remains the largest importer of UK advertising and market research services, with £1.1bn in 2019.

France (£785m), Germany (£712m), Switzerland (£643m) and Ireland (£539m) are the next largest importers of UK advertising, market research and opinion polling services.

European Union members accounted for 40% of UK exports for the industry, a fall from 53% in 2018. The report explained that the fall was probably due to increased market share for UK exports in other parts of the world.

Stephen Woodford, chief executive of the AA, said: “These are outstanding figures and offer some much-needed positive news after a tumultuous year for our own industry and the entire global economy.

“The full impact of the past year on exports will not be known fully until next year, but with the vaccine roll-out continuing apace and the global economy making the return to normal, now is the time to look forward and plan for the future and to demonstrate that the UK is not only open for business but remains the undisputed global hub for advertising and marketing services.”