October 2012
Featured in this insight: Financial services, Food & drink, Retail, International
New figures give Scotch Whisky industry reason to be 'confident about the future': According to the Scotch Whisky Association (SWA), the value of trade is equivalent to what it was in the first half of 2011, standing at £1.8 billion.
In the first six months of 2012 exports to the U.S. increased by 13% to £303 million, whilst Venezuela also saw a strong increase in demand.
Europe saw both ups and downs with regards to the market. Exports to Germany rose by 4% to £65 million in the first half of this year, whereas exports to Spain dropped 24%. Latvia and Estonia are now in the top 20 markets for Scotch, which reflects an appetite increase in and around Russia.
In addition, India saw an increase of 28% to £28 million. However, the rise in alcohol taxes may explain why France, the second largest market for Scotch, witnessed a 14% drop.
The entire value of Scotch whisky exports increased by 12%, from £3.8 billion to £4.2 billion, in the 12 months leading to the end of June.
Gavin Hewitt, chief executive of the SWA, said: “Over the past year the value of Scotch Whisky exports has continued to increase and we're delighted to build on our outstanding success in 2011 with 12% growth in the last 12 months.”
He added, "While there has been a levelling off in the first half of this year, the industry remains confident about the future.”
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