Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q1 2024

​​​​​​Goods trade by destination 

In current prices

The EU was Scotland’s top goods export destination in the year ending March 2024, accounting for 40% (£9.2 billion) of the value of Scotland’s total goods exports during this period. Drink was the top export, making up almost a fifth (17%, £1.6 billion) of the value of Scotland’s total goods exports to the EU. See Goods exports to the EU for further details.

The United States is also an important trading partner, making up 17% of the value of Scotland’s international goods exports. Scotland’s exports to the United States increased by £110 million since the previous year, which was driven largely by an increase in the current price value of chemical materials and products (up £103 million in current prices), medicinal and pharmaceutical products (up £90 million), and power-generating machinery (up £50 million).

There were decreases in the current price value of drink (down £39 million), non-ferrous metals (down £57 million), and organic chemicals (down £45 million) exports to the United States.

Although Scotland’s goods exports to the United States saw an increase in value terms, there was a 6% decrease in volume terms, which indicates that the value of exports may be influenced by price changes.

The top ten export destinations accounted for approximately two thirds of the total value of Scotland’s goods exports. Of the top ten export destinations the United States and Singapore the largest growth, increasing by £110 million and £74 million in current prices respectively.

The destinations with the greatest declines in current price export value between the year ending March 2024 and the previous year were India (down £141 million) and the Netherlands (down £117 million). The decrease for India was driven by reduced export values of non-ferrous metals and beverages, whereas the decrease was distributed across more product categories for the Netherlands, though the most notable decrease was in organic chemicals.

Figure 7. The EU was the top export destination for Scotland’s goods exports in current prices 

Value of goods exports to top ten export destination countries in current prices and percentage of total in the year ending March 2024  

In terms of Scotland’s imports, the EU was the top trading partner accounting for 50% of the value of Scotland’s goods imports in the year ending March 2024, followed by China (13% of the value of total imports).  

The greatest increase in import value over this period was seen in imports from France (up £323 million in current prices, 27%) while imports from China saw the largest decrease (down £416 million in current prices, 12%).

Figure 8. The EU was the top region for Scotland’s goods imports in the year ending March 2024 

Value of goods imports in current prices for the top regions and percentage of total imports in the year ending March 2024