Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q2 2024

Over the twelve months to June, the value of Scotland’s international goods exports decreased by 8% to a value of £22.5 billion.

The commodity category with the highest export value in current prices in the year ending June 2024 was Drink at £4.7 billion. This was followed by Power generating machinery at £3.1 billion, General industrial machinery at £1.7 billion, Fish and shellfish at £1.2 billion, and Other transport equipment at £1.1 billion. These were the most significant exports in terms of value in current prices.

The decline in Scotland’s goods export value in real terms since the previous year was driven largely by a 14% decline in the exports of Drink, a 13% decrease in exports of Power generating machinery and a 10% decrease in General industrial machinery. The largest of these decreases was the decrease in Drink, which accounted for around two fifths of the total decline.

Drink and Power generating machinery account for 35% of Scotland’s international goods exports. In the year ending June 2024 exports of Drink accounted for 21% and Power generating machinery accounted for 14% of Scotland’s export value in current prices.

Figure 2. Drink accounted for 21% of the value of Scotland’s international goods exports, but decreased by 14% in real terms over the year

Current price value and real terms change (%) of Scotland’s top exported commodities: year ending June 2024 compared to the previous year

Since the year ending June 2019 Scotland’s goods export volume has performed better than the UK as a whole. The UK series has been included for context only, with the same commodity exclusions (erratic commodities) as applied to Scotland’s good exports. Commodity series which are considered erratic will not necessarily be the same in each region of the UK and therefore this chart should not be used to assess export Performance of the UK. The values presented here for the UK should not be considered an official statistic.

Figure 3. Scotland’s goods exports in real terms have performed better than the UK as a whole relative to the year ending June 2019

Index of international goods exports in real terms (CVM) for Scotland and the UK as a whole, 2018 Q1 to 2024 Q2. Average of the year ending June 2019 = 100. [1]

[1] Excluding oil, gas and erratic series.

Since the year ending June 2019 Scotland’s goods exports fell by 15% in real terms. This was driven by falls in Drink (down 11%), Power generating machinery (down 18%) and Apparel & Clothing (down 74%).