Scotland's Economy

EU taking more than half of Scotland’s exports

December 6, 2018 by paulobrien No Comments | Category Business, Economy, Exports

The publication of HMRC’s Regional Trade Statistics this morning shows the importance of the EU market to Scotland.

Speaking from Hamburg, where he is discussing further growth in Scotland’s trade with Europe, Trade Minister Ivan McKee, said:

“These are very encouraging figures. The value of Scotland’s annual goods exports increased by 6 per cent to £29.6 billion. This is a higher growth rate than the overall UK figure of 4 per cent and the highest percentage increase of any UK country.

“The figures show just how important trade with the EU is. Exports of goods to the EU are up 18 per cent to £15.7 billion and more specifically exports of oil and gas to the EU are up 37 per cent from £5.7 billion to £7.8 billion. They demonstrate in pounds and pence the competitive disadvantage Scotland will suffer compared to Northern Ireland under the UK Government’s current proposals. They also show the importance of Scotland staying in the single market and customs union, which is eight times bigger than the UK market alone, because trade with the EU makes up more than half of Scotland’s exports.

“It goes to show Scotland remains open for business, despite uncertainty over Brexit. However, the figures also demonstrate the importance of the EU as it remains the largest single market for Scotland’s international exports – supporting directly or indirectly hundreds of thousands of jobs across Scotland.”

HMRC Regaional Trade Statistics – https://www.uktradeinfo.com/Statistics/RTS/Pages/default.aspx

Tags: exports, international exports, trade

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