Scotland's International Goods Trade: Quarter 2 2023
This report contains Scotland's trade in goods data from the latest release of HMRC's Regional Trade Statistics (RTS).
Compared to the previous year, the value of Scotland’s international goods exports increased by 12.6% to £36.7 billion in the year ending June 2023. This increase was similar in percentage terms to that for the UK as a whole, where the value of goods exports increased by 12.2%. However, when oil and gas are excluded, the value of Scotland’s goods exports increased by 13.2%, which was proportionally greater than the 12.0% growth experienced by the UK over this period.
The largest growth was in the value of Scotland’s oil exports, which increased by £1.3 billion (up 14.7%). Only two of Scotland’s top ten exported goods experienced decreases in export value: fish and shellfish (down £11 million, 1.1%), and chemical materials and products (down £18 million, 1.8%).
Exports of oil, drink and power generating machinery had the highest three values for Scotland in the year ending June 2023.
Table 1. The value of Scotland’s international goods exports by UK nation, £ billions, year ending (YE) June (Q2) 2019, 2022, 2023
|
UK Nation |
YE Q2 2019 |
YE Q2 2022 |
YE Q2 |
YE Q2 2019 v YE Q2 2023 (%) |
YE Q2 2022 v YE Q2 2023 (%) |
|
Scotland |
34.0 |
32.5 |
36.7 |
7.7% |
12.6% |
|
Scotland (exc. Oil & Gas) |
20.1 |
21.3 |
24.1 |
19.7% |
13.2% |
|
England |
250.1 |
242.9 |
273.1 |
9.2% |
12.4% |
|
Wales |
17.7 |
18.4 |
20.4 |
15.2% |
11.1% |
|
Northern Ireland |
9.2 |
8.6 |
10.3 |
11.8% |
19.6% |
|
United Kingdom |
342.2 |
338.4 |
379.8 |
11.0% |
12.2% |
|
United Kingdom (exc. Oil & Gas) |
306.8 |
301.0 |
337.2 |
9.9% |
12.0% |
Source: HMRC RTS, Q2 2023
Figure 1. Excluding oil and gas, Scotland saw larger growth in international goods exports in percentage terms than the UK as a whole
Percentage change in value of goods exports by UK nation, in the year ending June 2023 compared with the year ending June 2022
Source: HMRC RTS, Q2 2023
Compared to the previous quarter, the value of Scotland’s goods exports in the second quarter of 2023 decreased by 9.7%, which was a greater decrease than any other UK region and the UK as a whole. However, this was driven by a decrease in the value of oil and gas. When these goods are excluded, the value of Scotland’s goods exports in the second quarter of 2023 increased by 5.2% compared to the first quarter.
The export value of both oil and gas decreased substantially in this quarter: down 30.6% for oil and 46.5% for gas.
Figure 2. The value of Scotland’s international goods exports peaked in the fourth quarter of 2022
Value (£ billion) of Scotland’s international goods exports (quarterly), 2018 Q1 to 2023 Q2
Source: HMRC RTS, Q2 2023
Table 2. The value of Scotland’s top ten exported goods, £ billions, in the year ending (YE) June (Q2) 2019, 2022, 2023
|
Product |
YE Q2 2019 |
YE Q2 2022 |
YE Q2 2023 |
YE Q2 2019 v YE Q2 2023 (%) |
YE Q2 2022 v YE Q2 2023 (%) |
|
Oil |
13.3 |
8.5 |
9.7 |
-26.9% |
14.7% |
|
Drink |
4.4 |
4.8 |
5.7 |
27.8% |
17.1% |
|
Power generating machinery |
2.5 |
2.4 |
3.1 |
21.9% |
27.7% |
|
Gas |
0.6 |
2.8 |
2.8 |
386.5% |
1.6% |
|
General industrial machinery |
1.3 |
1.5 |
1.7 |
33.7% |
14.8% |
|
Other transport equipment |
0.7 |
0.7 |
1.1 |
68.2% |
69.1% |
|
Fish & seafood |
1.0 |
1.1 |
1.0 |
7.6% |
-1.1% |
|
Chemical materials & products |
0.7 |
1.1 |
1.0 |
47.2% |
-1.8% |
|
Professional & scientific instruments |
0.7 |
0.9 |
1.0 |
38.6% |
8.5% |
|
Medicinal & pharmaceutical products |
0.7 |
0.8 |
0.9 |
34.1% |
18.8% |
Source: HMRC RTS, Q2 2023
Figure 3. Scotland’s international goods exports were dominated by oil and drink
The value of each of Scotland’s top ten exported commodities and the percentage of the total value of Scotland’s international goods exports, in the year ending Q2 2023
Source: HMRC RTS, Q2 2023
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