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Scotch reduces UK trade deficit by 3%
The UK trade deficit would be almost 3% greater without Scotch whisky, new analysis by the Scotch Whisky Association (SWA) has shown.
The SWA has touted the economic benefits of Scotch whisky
The claim comes following the SWA’s analysis of Scotch whisky’s export figures for 2017, which increased 1.6% in volume and 8.9% in value to 1.23 billion bottles and £4.36bn (US$6bn) – a record for the industry.
The UK trade deficit dropped from £166bn in 2016 to £153bn in 2017, but would be 2.9% greater without the export success of Scotch, according to the SWA.
In 2017, annual exports of single malt Scotch exceeded the £1bn mark for the second time, with an increase of 14.2% to £1.17bn.
“Single malt continues to grow significantly, boosting again the value of our exports,” said Karen Betts, chief executive of the SWA. “There are signs too that the market for blended Scotch whisky is improving.
“This is a welcome indicator of future growth. Blended Scotch is the solid foundation on which our global export success has been built.”
The EU maintained its position as the largest region for Scotch whisky exports, accounting for 32% of the total value in 2017. North America was second, accounting for 25%, and Asia third with 20%.