Scotland’s International Goods Trade: Quarter 3 2022

In the first nine months of 2022, Scotland’s international goods exports valued £25.8 billion, which was broadly similar (1.2% higher) to the value in the first nine months of 2019. International goods exports from the UK were 7.1% higher in the first nine months of 2022 than in the equivalent period in 2019. Except for Northern Ireland which saw a decrease of 3.4%, Scotland had the lowest increase in goods exports of all the UK regions.

When oil and gas are excluded, Scotland’s international goods exports saw an increase of 16.7% (£2.5 billion) over this period. Scotland had the largest increase of any region of the UK in international goods exports when oil and gas are excluded.

In the first nine months of 2022, compared to the first nine months of 2019, there was a decrease in the value of oil exports, which dropped by around a fifth (down 20.4%, £2.2 billion). Despite this decrease, oil remained Scotland’s top exported good, accounting for around a third (33%, £8.5 billion) of Scotland’s total international goods exports in the first nine months of 2022.

Table 1. The value of international goods exports by region for the first nine months (Q1 + Q2 + Q3) of 2019 – 2022

Source: HMRC RTS, Q3 2022

Figure 1. Scotland’s export value in the first nine months of 2022 was similar to the equivalent period in 2019, but saw a larger increase when oil and gas were excluded.
Percentage change in value of goods exports by UK region, Q1 + Q2 + Q3 2022 compared with Q1 + Q2 + Q3 2019

Source: HMRC RTS, Q3 2022

Figure 2. The value of Scotland’s international goods exports has increased since Q1 2021

Value of Scotland’s international goods exports (quarterly), Q1 2019 to Q3 2022

Source: HMRC RTS, Q3 2022

Of the ten commodities (defined by SITC 2-digit codes) with the highest export value for Scotland, oil was the only one to experience a decrease in value over this period. The value of gas exports, Scotland’s third largest exported commodity in the first nine months of 2022, saw more than a sixfold increase (up £2.2 billion, 662.9%). Much of this increase was likely due to increases in gas prices since the volume/net mass of gas exports increased by just 48.6% over the same period. Ireland was the biggest destination for exports of gas, accounting for £2.4 billion (92%) of Scotland’s total gas exports in the first 9 months of 2022.

The value of beverages exports, Scotland’s second largest exported commodity, increased by almost a quarter (up £793 million, 24.1%).

There was also strong growth in the value of exports of non-ferrous metals (up £389 million, 92.6%), chemical materials (up £244 million, 46.3%), general industrial machinery (up £225 million, 22.0%) and power-generating machinery (up £210 million, 11.3%).

Scotland’s top ten exported goods accounted for over three quarters (76%) of Scotland’s total international exports.

Table 2. Scotland’s top ten exported goods in the first nine months (Q1 + Q2 + Q3) of 2019 – 2022

Source: HMRC RTS, Q3 2022

Figure 3. Scotland’s international goods exports were dominated by oil and beverages
Scotland’s top ten exported commodities, Q1 + Q2 + Q3 2022

Source: HMRC RTS, Q3 2022