News story

New analysis shows growing trade with Scotland

The biggest and fastest growing market for Scottish goods and services, outside Scotland itself, is the rest of the UK.

• From: Department for Business, Innovation & Skills
• Published: 14 July 2014

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

With less than 3 months to go before the referendum on Scotland’s membership of the UK, new analysis shows:

• in 2012, £47.6 billion worth of Scottish exports ranging from chemicals to consultancy, to food and finance have made their way south of the border (this excludes oil and gas)

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The £47.6 billion is:

• almost double what Scotland exports to the rest of the world combined
• more than 4 times what it exports to the rest of the EU
• equivalent to a third of Scotland’s GDP

Scottish exports by main destination (2002 to 2012), nominal terms (Source: Scotland’s Global Connections Survey 2012)

And these exports are growing in value faster than other markets:

• between 2002 and 2012, the value of exports to the rest of the UK increased by 69%
• that’s compared with just 7% increase for the same period to the rest of the EU
• and sales increases to Asia of 60%, and to North America of 63%

Sales to the rest of the UK are vital for many Scottish business sectors. Customer loyalty to a UK industry and the single domestic UK-wide market supports high trade levels. A break-up of the UK, even with EU regulations and requirements, would not guarantee the same level of consistency.

Sources

• Scotland’s Global Connections Survey 2012
• The Statistical Bulletin (published January 2014)

Published 14 July 2014