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Publication - Statistics

Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q1 2024

Published
8 August 2024
Directorate
Chief Economist Directorate
Topic
Economy, International

This report contains inflation adjusted HMRC Regional Trade Statistics for Scotland.

Supporting documents

Key findings 

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

  • When comparing the year ending March 2024 with the year ending March 2023, the value of Scotland’s international goods exports decreased by 6% in real terms to £23.0 billion, while Scotland’s goods imports increased in real terms by 2% to £23.0 billion.  Overall, Scotland’s total international trade (imports + exports) in goods decreased in real terms by 2%.
  • Over the longer term, Scotland has seen an 8% decrease in international goods exports in real terms, in the year ending March 2024 compared to the equivalent period in 2020.
  • Over the long term Scotland’s exports to the EU have declined by 9% since the year ending March 2020 (around the start of EU withdrawal period). This compares to a 22% decline for the UK over the same period.
  • When comparing the year ending March 2024 with the year ending March 2023, the EU was Scotland’s top export destination, accounting for around 40% of the value of Scotland’s total goods exports. Around 17% of the value of Scotland’s goods exports to 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 to March 2024, the value of Scotland’s goods exports to the EU decreased by 7% in real terms to £9.2 billion. The largest negative real terms change was in drink which accounted for around a third of the total decline. General Industrial equipment and Telecoms & sound recording equipment also saw large declines.  
  • Drink is Scotland’s top export, accounting for around a fifth (22%) of the value of Scotland’s international goods exports in the year ending March 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 increased by 11% in 2023 compared to 2022. However, the volume exported actually decreased by 23%, indicating a strong impact of price changes.
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