Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q3 2024

Key findings

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

• RTS statistics show a decline in the UK’s SITC 1- Beverages & Tobacco exports, referred to below as “Drink”. HMRC are currently conducting a review following the introduction of new Customs Procedure Codes (CPC) in 2024. We will ensure our statistics reflect any changes after the review process has concluded, if required. Please exercise caution when reporting or using these figures in the meantime.
   
• When comparing the year ending September 2024 with the previous year, the value of Scotland’s international goods exports decreased by 12% in real terms to £21.4 billion, while Scotland’s goods imports increased in real terms by 1% to £22.6 billion. Overall, Scotland’s total international trade (imports + exports) in goods decreased in real terms by 6%.
   
• The largest negative real terms change was in Drink which accounted for around a half of the total decline. Power generating machinery and Chemical materials & products also saw large declines.
   
• Over the longer term, Scotland has seen a 17% decrease in international goods exports in real terms, in the year ending September 2024 compared to the equivalent period in 2018.
   
• Scotland’s exports to the EU have decreased by 20% in that time, while UK exports decreased by 28%.
   
• The EU was Scotland’s top export destination, accounting for around 39% of the value of Scotland’s total goods exports. The top export to the EU was drink, accounting for around 14% of the value of Scotland’s EU exports.
   
• 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 September 2024 the value of Scotland’s goods exports to the EU decreased by 14% in real terms to £8.3 billion. The largest negative real terms change was in Drink which accounted for around a third of the total decline. General industrial machinery and Medicinal & pharmaceutical products also saw large declines.
   
• Despite decreasing in the latest year, Drink remains Scotland’s top export, accounting for around 18% of the value of Scotland’s international goods exports and 14% of EU goods exports in the year ending September 2024.
   
• 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 11% in the year ending September 2024 compared to the previous year. The volume exported decreased by 38%.