Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q2 2024

Excluding oil and gas. Real terms comparisons also exclude erratic commodities

• When comparing the year ending June 2024 with the previous year, the value of Scotland’s international goods exports decreased by 8% in real terms to £22.5 billion, while Scotland’s goods imports increased in real terms by 4% to £22.9 billion. Overall, Scotland’s total international trade (imports + exports) in goods decreased in real terms by 2%.
• The decline in Scotland’s goods exports in real terms 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.
• Over the longer term, Scotland has seen a 15% decrease in international goods exports in real terms, while UK exports decreased by 19%, in the year ending June 2024 compared to the equivalent period in 2019. Users should note that UK values in this report are not official statistics, they have been included for additional context only.
• Scotland’s exports to the EU have decreased by 17% in that time.
• The EU was Scotland’s top export destination, accounting for around 39% of the value of Scotland’s total goods exports. Around 16% of the value of Scotland’s goods exports to the EU was Drink. The United States is also an important trading destination for Scotland, accounting for around 17% of Scotland’s total export value.
• Over the year ending June 2024 the value of Scotland’s goods exports to the EU decreased by 8% in real terms to £8.8 billion. The largest decrease in real terms change was in Drink which accounted for around a third of the total decline. General industrial machinery and Cereals and cereal preparation also saw large declines.
• Drink is Scotland’s top export, accounting for around 21% of the value of Scotland’s international goods exports.
• Other transport equipment is an important commodity category for Scotland, and often ranks in the top ten exports in value terms. However, it is also considered an erratic category and so has not been included in CVM analysis. The current price value of Scotland’s other transport equipment exports decreased by 4% in the year ending June 2024 compared to the previous year. The volume exported decreased by 46%.

The analysis in this report are currently under development. We encourage users of these statistics to provide feedback by completing a short survey, which we will keep open while we consider the use of chained volume measures in this series of reports:

Scottish Government Regional Trade in Goods Report - User Survey (office.com)