Exports of Scotch whisky slumped last year amid ‘turbulent’ global trading – as the industry faces the looming threat of punishing US tariffs.
The total value of Scotch exports declined by £200million in 2024 to £5.4billion.
That was a drop of 3.7 per cent from the £5.6billion of exports in 2023. The equivalent of 1.4billion bottles of whisky were sold overseas, which amounts to 44 per second.
The US remains the top market for whisky exports, with a marginal reduction of 0.7 per cent taking sales to £971million.
But the industry is at risk of being hit by fresh tariffs from President Donald Trump, whose 25 per cent levy introduced in his first term cost it more than £1million a day.
Mark Kent, chief executive of the Scotch Whisky Association, said: ‘Despite the resilience of the Scotch whisky industry, 2024 has been a challenging year. At home, distillers are being stretched to breaking point, as consumers bear the brunt of a 14 per cent increase on the tax on every bottle of Scotch whisky in the past 18 months alone.
‘The cumulative effect of inflationary impacts on input costs such as cereals, energy and shipping, and the increased tax and regulatory costs, are being fed through to consumers when they are tightening their belts.
‘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.
The total value of Scotch exports declined by £200million in 2024 to £5.4billion
That was a drop of 3.7 per cent from the £5.6billion of exports in 2023. The equivalent of 1.4billion bottles of whisky were sold overseas, which amounts to 44 per second
The US remains the top market for whisky exports, with a marginal reduction of 0.7 per cent taking sales to £971million
‘The US remains a key market for Scotch, and the industry contributes to the US economy through direct investment and jobs.’
Mr Kent urged Sir Keir Starmer to deliver on the promise he made in November 2023 to ‘back Scotch producers to the hilt’.
Despite the 3.7 per cent decline in the value of whisky exports last year, they were still 10 per cent higher than pre-pandemic levels in 2019. By volume, exports increased by 3.7 per cent last year compared with 2023 levels.
The US export figure of £971million was down £7million on the previous year. The other top markets by value were France at £419million, Singapore (£310million), Taiwan (£298million) and India (£248million).
A UK Government spokesman said: ‘We’re committed to supporting businesses, including Scotch whisky producers, through capping corporation tax at 25 per cent and publishing a business tax roadmap so that future investments can be planned with confidence.’
Meanwhile, government statistics released yesterday also showed that the value of Scottish salmon exports soared to a record high of £844million. France was the most prolific purchaser of the fish, spending £462million, followed by the US at £225million.
Meanwhile, government statistics released yesterday also showed that the value of Scottish salmon exports soared to a record high of £844million
The value of salmon exports last year broke the previous record of £618million, set in 2019.
Tavish Scott, chief executive of trade body Salmon Scotland, said: ‘Today’s record exports demonstrate the increasing global demand for Scottish salmon, which is rightly recognised as the best in the world and increasingly sought after by discerning consumers.’
‘Producers have also invested hundreds of millions of pounds to further boost already world-leading welfare standards.
‘Scotland’s salmon sector is heavily regulated by government – we need better, not less regulation. That is the task for government and if that is delivered that then we can create more jobs and economic growth.’
