NEWS
ASIA PAC & TURKIYE ONLY BRIGHT SPOTS FOR SCOTCH AMID GLOBAL SLUMPS LAST YEAR
By Susan Lewis
16-2-2024
Source: Scotch Whisky Association
Exports of Scotch whisky has declined 9.5 percent by value and 19 percent by volume in 2023, dragged by declines in almost all regional markets except Asia Pacific and Turkiye, latest data from Scotch Whisky Association has revealed.
Considered a “bumper” year for the trade, the value of Scotch exports reached £5.6 billion (USD7b) in 2023, while 1.35 billion of 70cl bottles of Scotch were exported.
Asia Pacific continued to dominate as Scotch’s largest regional market by value in 2023, supported by record value exports to China at £235 million, up 1 percent on 2022 and 165 percent on 2019.
Singapore is Scotch’s third biggest export market by value, exports value was up 19 percent in 2023.
Exports to Taiwan increased 8 percent in the period, making it Scotch’s fourth biggest market, just ahead of China.
Turkiye can be described as the star market for Scotch last year, it saw a whopping 24 percent growth in value to £131m and an even more staggering 31 percent increase in volume.
USA remained Scotch whisky’s biggest market by value last year, but it registered a fall of 7 percent to £978m compared to 2022, and a decline of 8.5 percent on 2019.
Europe remained a key export region for Scotch whisky, with France once again becoming the trade’s largest market by volume – a position briefly held by India in 2022.
Exports to India fell both in volume and value compared to 2022, the fall coming against a backdrop of ongoing UK-India free trade talks and the Scotch whisky industry’s calls for a trade agreement which lowers the 150 percent tariff on Scotch imports into India.
(the writer can be contacted at: info@thewinechronicle.com)
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