‘Signs of recovery’ in £3.86 billion Scotch whisky export market

From:FoodBev

Scotch whisky exports reached £3.86 billion in customs value last year, with signs of recovery after a slight decline in recent years, according to analysis published by The Scotch Whisky Association (SWA).

Export value was down 2.4% in 2015 from £3.95 billion in 2014, but decline had slowed since last year’s 7% fall.

Total export value was 56% higher than a decade ago, SWA said. “Prospects for growth remained strong but… exporters continued to face challenging global economic conditions”.

Exports to some major markets performed well last year. The US, the biggest export destination for Scotch, remained steady at £749 million – nearly a fifth of all exports. Japan continued its recovery, up 18% to £76 million. There was also growth in a number of exciting emerging markets, with Mexico up 17% to £115 million, Turkey up 24% to almost £53 million and China returning to the top 20 with an increase of 5% to £41 million.

Eight of the 20 largest export markets experienced decline in value sales in the last year, with 11 recording growth and only the US experiencing zero growth.

Total exports to the top 20 markets amounted to more than £3 billion, while average growth among those countries was around 2%.

Scotch Whisky Association chief executive David Frost said: “Scotch whisky exports continue to deliver and the fundamentals for future growth are strong. Whilst the last couple of years have been more difficult, the longer-term picture has been one of increased demand, new investment, and premiumisation.

“Challenges remain, with an uncertain global economy and political uncertainty in some export markets. Continued EU membership will also help to support Scotch whisky exports to the single market and would leave Scotch well placed to benefit from the lower tariffs and fairer market access that the EU has been able to secure through its negotiation of Free Trade Agreements with countries around the world.”

Claims: 
The copyrights of articles in the website belong to authors. Please inform us if there is any violation of intellectual property and we will delete the articles immediately.