Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy

30 of Scotland’s Import and Export Statistics of 2024

Inflationary pressures are easing, but the economy is still in a period of slow growth with labor market conditions softening, and moderate business and consumer sentiment.

Here are some key figures about Scotland’s Imports and Exports:

1. Scotland’s cheese, sweet biscuits, and malt extract were up 50% in value

For the first quarter of 2023 Scotland’s cheese, sweet biscuits, and malt extract doubled in value. This 50% increase in value is particularly good for trade with Australia since Australia’s tariffs will be removed thus boding well for many UK producers.

2. Scotland’s GDP at 0.3% over the 3-months to June

Scotland’s GDP increased by 0.1% in July 2023 (compared to the UK’s -0.5%). However, over the three months leading to July, it declined by 0.1%. This followed a 0.3% decrease over the three months to June, indicating that the growth at the start of the year was temporary. Overall growth has been stagnant since 2022.

3. Insolvencies in 2023 were 28% higher than in 2020

While business confidence has started growing again the number of company insolvencies for the past two years has done nothing but increase. Insolvencies in 2023 in May were 28% higher than in May 2020 and 28% higher than in March 2020.

4. 38% of workers in Scotland are likely to describe any part of their job as green

Scotland had 38% of working adults who were more likely to describe any part of their job as green than those in England (26%) while Wales comes in with 36% of working adults describing any part of their job as green compared to England too as of May 2023. 

5. Scottish exports of red meat and offal rise to £93 million

Scottish exports of red meat and offal were highlighted by Quality Meat Scotland (QMS) in a report they published stating that said exports reached a record high, surpassing £93 million in the period from August 2022 to July 2023.

6. Inflation in Scotland comes down to 6.7% in August

Above-target inflation and rising interest rates are slowing Scotland’s economic activity. Despite a drop to 6.7% in August, inflation is expected to stay above the 2% target through 2024.

7. Producer input price inflation fell by 2.3% in Scotland

Producer input price inflation in the UK, which includes material and fuel costs, fell by 2.3% over the year to August. This marks the third consecutive annual decline, following a peak of 24.4% in June last year. 

8. Scotland’s nominal median monthly PAYE pay was £2,292 in August

In August, the median monthly PAYE (Pay As You Earn) pay in Scotland was £2,292, showing a 7.9% year-over-year increase. While this remains above the average annual growth rate of the past eight years (3.8%), it has slowed from the higher growth rates observed in the previous year, with a peak at 9.4% in February.

9. Average monthly direct debit payment in Scotland for electricity and gas is up 56% compared to August 2021

In August, the average monthly direct debit payment for electricity and gas was £186.46  which is a 56% increase from August 2021 while mortgages averaged £868, a 22% increase, and loans stood at £239  which is a 23% increase.

10. Public sector net debt estimated at 98.8% of GDP

The value of debt was just a bit less than the value of the output of the U.K. economy for 12 months. At the end of August 2023, public sector net debt was provisionally estimated to be at 98.8% of GDP (gross domestic product).

11. In September, 54% of businesses in Scotland reported that they absorbed costs

In September, 54% of businesses reported that they absorbed costs, 31% reported that they passed on price increases to customers, and 15% changed suppliers. Some firms reduced staff work hours (3.4%), made redundancies (1.9%), or sought additional financial support (7.8%).

12. Scotland has 39% of firms expecting performance increase

Scottish BICS (Business Insights and Conditions) data shows business optimism has eased since the start of the year and has stabilized between July and September. Around 39% of firms expect a performance increase, 5% expect a decrease, and 41% expect nothing to change.

13. 33% of businesses in Scotland reported a shortage of workers

BICS data highlights labor shortages and recruitment challenges. Early September of 2023 saw 33% of businesses facing worker shortages, and 34.4% encountering recruitment difficulties, both declining from their peaks in September 2022 at 44.5% and 42.8%.

14. 69% of Scotland citizens spend less on non-essentials

Data from the September Public Opinions and Social Trends survey show that 69% of people were spending less on non-essentials and 50% spent less time on shopping. 47%% were using less fuel and 47% spent less on essentials and food shopping. This is all due to the increased cost of living.

15. Scotland’s consumer sentiment at (-9.2)

In 2022, the consumer sentiment indicator rose by 3.5 points to -9.4. This followed a decline in June and July of 2023 and has now returned to a level similar to that of May (-9.2).  The latest data show that the gradual recovery in sentiment since a sharp drop in 2022 has paused in recent months.

16. Scotland’s unemployment rate at 4.3%

Scotland’s labor market has been resilient, but recent data shows a slight softening in the labor market, with unemployment at 4.3%. However, surveys say that this increase is due to reduced inactivity rather than declining employment.

17. Scotland’s construction sector (43.4%) reported to have the most recruitment difficulties

Recruitment challenges were reported most in the construction sector (43.4%) and admin and support services (41.8%). July data indicates that most businesses faced recruitment difficulties due to a low number of applications (66.4%) and a shortage of qualified candidates (53.4%), while 27.1% mentioned offering unattractive pay packages as a factor.

18. At 48% Scotland’s most reported worker shortages are in Accommodation and Food Services

By sector, Accommodation and Food Services (48%) and Construction (44%) report the highest worker shortages. In response, most businesses (63.5%) had employees working longer hours and 41.6% just couldn’t meet demand.

19. Scotland’s GDP subdued in 2023 at 0.2%

The Scottish Fiscal Commission forecast of Scotland’s GPD (Gross Domestic Product) remains positive but subdued with only a 0.2% increase. In 2024 it is set to grow by 0.9% 2024 and finally reach a whole number percentage of 1.3% in 2025.

20. Forecast for Scotland’s inflation at 4.8% in the final quarter of 2023

Scotland’s inflation is forecasted to remain high with a percentage of 4.8 in the final quarter of 2023. After this, it is forecasted to fall to 2.7% by the end of next year, 2024.

21. FSB Scotland’s survey found that 41.4% of respondents experienced a decrease in turnover

Scotland’s FSB survey found that 41.4% of respondents experienced a decrease in turnover in the past year which was almost equal to 45.3% the increase of businesses that saw a decrease in turnover. 61.3% of the businesses that saw a decrease in turnover blamed the cost-of-living crisis while 60.1% blamed the overall economic uncertainty.

22. Scotland’s economy relies on £1.73 billion worth of exports for a boost

The international arm of Scottish Enterprise known as Scottish Development International (SDI) showcases the support to companies across Scotland for the Financial Year (FY) 2022/23 with £1.73 billion in international sales planned for the next three years. That’s a 20% increase from the previous year.

23. Scottish firms to enter 301 new markets this year

The support of Scotland’s enterprise agencies enabled an opening in 301 new markets for Scottish firms for the year 2023. The focus of Scottish firms within these new markets is the 335 new products and services that left Scotland last year en route to these new markets in the United States, Germany, China, Singapore, and the UAE.

24. 400 products from about 130 different Scottish brands featured in Lazada’s RedMart

Scottish Development International (SDI) partnered with Lazada’s RedMart, which is Singapore’s largest e-commerce and online grocer to open the “Scottish Store,” which features 400 products from about 130 Scottish brands. This and the Scotland Food and Drink Festival held in Singapore increased orders from Scottish brands significantly.

25. Scotland top UK location for FDI up 3.3% compared to 2021

Ernst and Young’s Annual Attractiveness survey of 2023 about Foreign Direct Investment (FDI) says that Scotland is the leading location for FDI outside of London. Numbers show that despite a 6% decline in UK projects Scotland is up 3.3% this year compared to 2021 as the preferred FDI location in the UK outside of London.

26. Scotland’s exports were up 10% reaching £5.9 billion

In the 1st fiscal quarter of 2023, Scotland’s exports reached up to £5.9 billion or at least 10% This was caused by the double-digit growth of the EU. Along with the growth of the EU came a £100 million increase in Ireland.

27. The top 20 markets in Scotland grew to 70%

Scotland saw a rise in sales from the large majority of their top 20 markets. These top 20 markets were growing as much as 70% in both Spain and Singapore while Taiwan followed with a Scottish sales growth of 35%.

28. Nearly 50% of the value in Scotland’s imports are from Brazil

The Netherlands remains the top supplier of Scotland though some of the supplies are from other countries that arrive via the Port of Rotterdam about 50% of the value of the imports themselves are from Brazil with purchases from Ireland, Poland, Thailand, and Canada up more than 20%.

29. Scotland’s Energy Efficiency Programme aims to generate 4,000 jobs per year 

Scotland’s Energy Efficiency Programme is a 15-20-year program that aims to make Scotland’s buildings near zero carbon wherever possible by the year 2050. This also means a probable 4,000 jobs per annum for energy efficiency services and technologies.

30. The 2029 goal of the Scottish Government is to increase the GDP by 20% to 25%

The Scottish government has a ten-year export strategy dubbed Scotland: A Trading Nation in which they focus on exporting “priority” countries identified by the Scottish Government which leads them to reach their goal of increasing international GDP by 20% to 25%.

Some things to know about Scotland

Here are some of the significant things to know about Scotland that don’t necessarily involve statistics but are still relevant to its current state of imports and exports. Industrial Revolution

Scotland became a major economic power during the Industrial Revolution with their manufacturing of sectors such as textiles, iron, steel, and shipbuilding. Nowadays Scotland’s key sectors include Fishing, Food and drink, Forestry, Oil and gas, Renewable Energy, Textiles, and Tourism.

North Sea Oil

Scotland’s energy sector was founded after oil and gas were discovered in the North Sea. This was the beginning of thousands of job openings and significant revenues were being generated for the Scottish economy which led to the cultivation and growth of other sectors as well.

Creative Industries

Scotland is also quite known as a creative talent hub and has generated many jobs and investments across the country because of it. Film, television, video game, and music industries have all found Scotland a place worth establishing themselves in.

Renewable Energy

With growing news for sustainability around the world Scotland is eyeing to establish itself as a world leader in sustainable resources. Scotland is looking to strengthen its renewable energy sector considering it has a wide range of natural resources such as wind, solar, and tidal power.

Global Pandemic

Many international economies suffered significant losses during the pandemic and Scotland is no exception.

Economic activity and employment levels went into decline. Under the UK Government’s coronavirus job retention scheme 780,000 jobs in Scotland were furloughed which is 32% of the workforce. 

The challenges of the pandemic along with the uncertainty of Brexit have certainly been a challenge to Scotland. However, the rise of digital products and services due to more online work and e-commerce companies such as Skyscanner, FanDuel, and CodeClan is a significant help in economic regeneration.

Conclusion

The Scottish government’s circular economy goals along with its commitment to sustainability provide a set of opportunities for its energy sectors and businesses that promote green products and services. This is good news for their economy because it makes room for more smart and efficient choices.

Furthermore, it modernizes its private and public supply chain and procurementprocess, which keeps Scotland on the side of progress despite the odds being stacked against it.