Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q1 2024

Introduction

This report contains trade in goods data from the June 2024 release of HMRC’s Regional Trade in Goods Statistics (RTS), which relate to international trade in goods only, they exclude trade in services and inter-regional UK trade. Recent estimates are considered provisional until finalised by HMRC in August of the following year.

For consistency with other economic statistics for Scotland, including Gross Domestic Product (GDP) and the annual Export Statistics Scotland (ESS), analysis in this report focusses on trade to and from Scotland's onshore economy, and so excludes trade in mineral fuels (oil and gas). Estimates of oil and gas industry activity in Scotland, including its contribution to GDP and trade, are available in the Supply and use satellite accounts for extra-regio activities.

ESS contains figures for Scotland’s exports of goods and services excluding oil and gas products. It constructs estimates of exports directly by surveying Scottish businesses (unlike HMRC’s regional apportionment methodology). ESS also contains Scotland’s exports to the rest of the UK unlike the RTS data. ESS is therefore the primary official source on Scotland’s exports. However the RTS are more timely for Scotland’s trade in goods compared to ESS. Further comparison of ESS with HMRC data is available in the ESS publication.

More detailed information can be found in the accompanying Excel tables.