Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q2 2024

The EU was Scotland’s top goods export destination in the year ending June 2024, accounting for 39% (£8.8 billion) of the value of Scotland’s total goods exports during this period. Drink was the top export, making up 16% (£1.4 billion) of the value of Scotland’s total goods exports to the EU. See Goods Exports to the EU for further details.

The United States is also an important trading partner, making up 17% of the value of Scotland’s international goods exports. Scotland’s exports to the United States increased by £93 million since the previous year, which was driven largely by an increase in the current price value of Medicinal & pharmaceutical products (up £88 million in current prices), Power generating machinery (up £49 million), and Chemical materials & products (up £45 million).

The largest decreases in the current price value of exports to the United States, were seen in Drink (down £84 million), Non-ferrous metals (down £46 million), and Organic chemicals (down £25 million).

Although Scotland’s goods exports to the United States saw an increase in value terms, there was a 3% decrease in volume terms since the previous year, which indicates that the value of exports may be influenced by price changes.

The top ten export destinations accounted for 77% of the total value of Scotland’s goods exports. Of the top ten export destinations the United States and Brazil saw the largest growth, increasing by £93 million and £66 million in current prices respectively.

The destinations with the greatest declines in current price export value between the year ending June 2024 and the previous year were the EU (down £815 million) and China (down £190 million).

Figure 7. The EU was the top export destination for Scotland’s goods exports

Value of goods exports to the top ten export destination countries in current prices and percentage of total in the year ending June 2024

In terms of Scotland’s imports, the EU was the top trading partner accounting for 50% of the value of Scotland’s goods imports in the year ending June 2024, followed by China (13% of the value of total imports) and the United States (13% of total import value).

The greatest increase in import value since the previous year was seen in imports from UAE (up £186 million in current prices) while imports from China saw the largest decrease (down £367 million in current prices).

Figure 8. The EU was the top market for Scotland’s goods imports

Value of goods imports in current prices for the top regions and percentage of total imports in the year ending June 2024