Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q3 2024

International goods exports (EU and non-EU combined)

Over the twelve months to September, the value of Scotland’s international goods exports decreased by 12% to a value of £21.4 billion.

The commodity category with the highest export value in current prices in the year ending September 2024 was Drink at £3.8 billion. This was followed by Power generating machinery at £2.9 billion, General industrial machinery at £1.7 billion, Fish and shellfish at £1.2 billion, and Professional & scientific instruments at £1.0 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 26% drop in the exports of Drink, a 13% decrease in exports of Power generating machinery and a 16% decrease in Chemical materials & products. The largest of these decreases was the decrease in Drink, which accounted for around a half of the total decline.

Drink and Power generating machinery account for 32% of Scotland’s international goods exports. In the year ending September 2024 exports of Drink accounted for 18% and Power generating machinery accounted for 14% of Scotland’s export value in current prices.

Figure 2. Despite decreasing by over a quarter in real terms (26%), Drink remained Scotland’s top export

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

Since the year ending September 2018, Scotland’s goods export volume has performed on average slightly 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. In general, Scotland’s goods exports in real terms have performed slightly better than the UK as a whole since the year ending September 2018

Quarterly index of international goods exports in real terms (CVM) for Scotland and the UK as a whole, 2017 Q1 to 2024 Q3. Average of the year ending September 2018 = 100. 

Since the year ending September 2018, Scotland’s goods exports fell by 17% in real terms. This was driven by falls in Drink (down 22%), Power generating machinery (down 12%) and Office machinery (down 70%), which had the most impactful declines.