Scotland's Economy

Statistics highlight importance of EU market to Scotland

March 7, 2019 by kristenmcnicoll No Comments | Category Uncategorized

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

Commenting on the statistics, Trade Minister Ivan McKee said:

“These are very encouraging figures. The value of Scotland’s annual goods exports increased by 6 per cent to £30.3 billion. This is a higher growth rate than the overall UK figure of 3 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 14 per cent to £15.9 billion and, more specifically, exports of oil and gas to the EU are up 29 per cent from £6.2 billion to £8 billion.

“While it’s clear that Scotland remains open for business despite the ongoing uncertainty over Brexit, the figures also demonstrate the importance of the EU as the largest single market for Scotland’s international exports. The figures also highlight the significance of the single market and customs union, which is eight times bigger than the UK market alone. This is particularly important given that trade with the EU makes up more than half of Scotland’s exports.

“We will continue to call on the UK Government to immediately rule out the possibility of a ‘No Deal’ Brexit and extend the Article 50 process. As a responsible government we are also continuing – and indeed intensifying – our work to prepare for all outcomes as best we can. However, whilst we will do everything possible to prepare, we will not be able to mitigate all of the impacts of the UK Government’s approach.”

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