Scotland’s International Goods Trade: Quarter 4 2022

In 2022, Scotland’s international goods exports valued £35.7 billion, which was 23.5% higher than in 2021. This percentage increase was larger than that for the UK overall, which showed a 19.2% increase in international goods exports in 2022 compared to 2021. Scotland had the second largest proportional increase in goods exports of all the UK countries behind Wales.

When oil and gas are excluded, the value of Scotland’s international goods exports saw an increase of 20.5% (£4.0 billion) in 2022 compared to 2021. Scotland had the second largest percentage increase of any UK nation in international goods exports when oil and gas are excluded, behind Wales.

Over the longer term, the increase for Scotland was less substantial. In 2022 compared to 2019, there was a 5.8% increase in international goods exports, which is lower in percentage terms than the 9.2% increase for the UK overall. When oil and gas are excluded, the value of Scotland’s international goods exports increased by 19.0% in 2022 compared with 2019, which is a greater proportion than the 4.3% increase experienced by the UK excluding oil and gas.

There was an increase in the value of exports of oil (up 15.0%, £1.1 billion) and oil remained Scotland’s top exported good, accounting for around a quarter (24%, £8.7 billion) of Scotland’s total international goods exports in 2022. The volume of oil exported actually fell by 25.3% over this period, indicating that the value increase was likely due to increased prices of oil. Over the longer term however, this trend is reversed with the value of oil exports falling by 35.2% (£4.7 billion) in 2022 compared with 2019.

Table 1. The value of Scotland’s international goods exports by UK nation, £ billions, 2019-2022

Source: HMRC RTS, Q4 2022

Figure 1. Scotland saw larger growth, in percentage terms, than the UK as a whole in 2022 compared with the previous year.

Percentage change in value of goods exports by UK nation, 2022 compared with 2021

Source: HMRC RTS, Q4 2022

Figure 2. The value of Scotland’s international goods exports are the highest since the series began in 2013, both including and excluding oil and gas

Value of Scotland's international goods exports (yearly), 2013 to 2022

Source: HMRC RTS, Q4 2022

Of the ten commodities (defined by SITC 2-digit codes) with the highest export value for Scotland, chemical materials and products was the only one to experience a decrease in value in 2022 compared to 2021. The value of gas exports, Scotland’s third largest exported commodity in 2022, experienced the largest increase in value (up £1.6 billion, 94.9%). Much of this increase was likely due to increases in gas prices since the volume of gas exports increased by just 2.5% over the same period.

The value of drinks exports, Scotland’s second largest exported commodity, increased by over a third (up £1.5 billion, 36.6%). There was also strong growth in the value of exports of power-generating machinery (up £724 million, 34.9%), and general industrial machinery (up £282 million, 19.8%).

Scotland’s top ten exported goods accounted for over three quarters (76%) of Scotland’s total international goods exports in 2022.

Table 2. The value of Scotland’s top ten exported goods, £ millions, 2019-2022

Source: HMRC RTS, Q4 2022

Figure 3. Scotland’s international goods exports were dominated by oil and drink

Scotland's top ten exported commodities, 2022

Source: HMRC RTS, Q4 2022