Scotch whisky’s 10 most valuable export markets in 2024
Results were mixed for Scotch whisky exports by value in 2024, with some markets up and others down – and a similar occurrence when compared with pre-Covid times. These were the 10 largest export markets for the category last year.
Last week, the Scotch Whisky Association (SWA) reported the total value of Scotch whisky exports fell by 3.7% in 2024 when compared with 2023, totalling £5.4 billion (US$6.7bn).
However, Scotch exports by value were 10% higher than they were in 2019, before the pandemic.
On the contrary, Scotch exports by volume grew by 3.9% last year compared with 2023, and were also up by 7% compared with 2019.
India overtook France to become the biggest market for Scotch exports by volume in 2024.
Mark Kent, chief executive of the SWA, said: “Overseas, the tectonic plates of trade are shifting, and exports to traditionally strong markets in the EU and North America have become much more challenging.
“We continue to support the UK government to promote strong and open trade relations with key export markets around the world, and particularly to advance negotiations on FTA [a free-trade agreement] with India, and engage with the US administration. The United States remains a key market for Scotch, and where the industry contributes to the US economy through direct investment and jobs.”
So, when it comes to value, which markets showed the biggest penchant for Scotch in 2024?
10. China
The value of exports to China fell by almost a third in 2024, tumbling by 31.5% to £161 million (US$203m) – down from £235m (US$296m) in 2023. However, compared with before the pandemic, the market is on a serious up, having grown by 81.4% from £89m (US$112m) in 2019.
9. Germany
Exports to Germany fell by 14.2% in 2024 to £169m (US$213m), a decrease from £197m (US$248m) in 2023. This also marks a fall from 2019, when Scotch exports to Germany were worth £185m (US$233m).
8. Turkey
Scotch whisky exports to Turkey were strong in 2024, as they grew by 36.7% to £178m (US$224m), a rise on the £131m (US$165m) exported in 2023. This also shows an increase compared with before Covid – a triple-digit increase of 279.5%, up from £47m (US$59.2m) in 2019.
7. Japan
Asia was also a positive region for Scotch in 2024, with value exports up compared with both 2023 and 2019. In 2024, Scotch whisky exports to Japan reached £182m (US$229m), a 7.1% increase from £170m (US$214m) in 2023 and a 24.2% rise from £147m (US$185m) in 2019.
6. Spain
The European market has been on a steady upward trajectory, as Scotch exports to Spain grew by 6.4% by value in 2024 to £196m (US$247m), up from £184m (US$232m) in 2023. The growth marks an 8.8% increase on the £180m (US$227m) exported in 2019.
5. India
The biggest export market by volume is Scotch whisky’s fifth largest market by value. In 2024, the value of Scotch exports to India rose by 13.8% to £248m (US$312m) – up from £218m (US$275m) in 2019. This showed a solid increase on 2019, with the value of exports now 49.5% higher than the £166m (US$209m) exported in the pre-pandemic year.
4. Taiwan
Despite a double-digit decrease in value, Taiwan is the fourth most valuable export market for Scotch. In 2024, a 12.5% decline saw the value of exports to the market slide from £341m (US$430m) in 2023 to £298m (US$375m) in 2024. Nevertheless, the market is still ahead of its 2019 performance following 45.1% growth since 2019, when Scotch exports were worth £205m (US$258m).
3. Singapore
In 2024, the value of Scotch whisky exports to Singapore was down by almost a fifth (17.9%) to £310m (US$391m) compared with the previous year (£378m). Singapore’s 2024 value was just ahead of its 2019 level of £300m (US$378m) after 3.5% growth.
2. France
Exports by value to France have struggled, but the market is the second most valuable export country for Scotch and its second biggest by volume. In 2024, the value of Scotch whisky exports to France fell by 11.6% from £474m (US$597m) in 2023 to £419m (US$528m) last year. This also marked a 3.0% decrease from 2019, when the value of exports to France was £432m (US$544m).
1. US
The biggest market for Scotch whisky exports by value last year was the US, which experienced a minor dip in 2024, down by 0.7% to £971m (US$1.22bn). The category was worth £978m (US$1.23bn) in 2023. The US was a billion-pound market for the category pre-Covid, and in 2019 the value of exports to the States was worth £1.07bn (US$1.35bn). The 2024 value marked a 9.1% fall from 2019 to 2024.
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