Scotland’s International Goods Trade: Quarter 1 2023
This report contains Scotland's trade in goods data from the latest release of HMRC's Regional Trade Statistics (RTS).
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Compared to the previous year, the value of Scotland’s international goods imports in the year ending March 2023 increased by 26.8% (up £7.6 billion) to £36.0 billion. In comparison, the value of international goods imports to the UK increased by 23.5% over this period.
In the year ending March 2023 compared to the previous year, the increase in the value of goods imports to Scotland was driven by imports of gas, which rose by £2.6 billion (up 35.5%), and accounted for over a quarter (28%) of Scotland’s total imports in the year ending March 2023. However, it is likely that this is impacted by an increase in gas prices, since the volume of gas imports only increased by 15.1% over this period. More than three quarters (81%) of the total value of Scotland’s gas imports came from Norway.
Imports of power generating machinery (up £1.2 billion, 67.8%) and oil (up £838 million, 75.6%) also saw growth in the year ending March 2023 compared to the previous year.
Of the top ten imported commodities, the only decrease was in office machinery (down £172 million, 6.7%), and all the rest of the top ten products imported in the year ending March 2023 experienced increases compared to the previous year. The largest value decrease over this period however was in non-ferrous metals (down £280 million, 31.8%).
Table 8. The value of Scotland’s international goods imports by UK nation, £ billions, year ending (YE) March (Q1) 2020 to year ending March 2023
|
UK Nation |
YE Q1 2020 |
YE Q1 2021 |
YE Q1 2022 |
YE Q1 2023 |
YE 2020 v YE 2023 (%) |
YE 2022 v YE 2023 (%) |
|
Scotland |
22.9 |
19.8 |
28.4 |
36.0 |
57.0% |
26.8% |
|
Scotland exc. Oil & Gas |
20.5 |
17.8 |
20.0 |
24.1 |
17.5% |
20.8% |
|
England |
377.7 |
321.3 |
396.6 |
476.1 |
26.0% |
20.0% |
|
Wales |
17.8 |
13.5 |
18.4 |
23.9 |
34.2% |
30.2% |
|
Northern Ireland |
7.8 |
6.8 |
8.4 |
9.8 |
26.2% |
17.0% |
|
United Kingdom |
468.5 |
415.5 |
513.6 |
634.6 |
35.4% |
23.5% |
|
UK exc. Oil & Gas |
426.7 |
391.1 |
442.0 |
526.6 |
23.4% |
19.2% |
Source: HMRC RTS, Q1 2023
In the year ending March 2023 compared with the previous year, the value of Scotland’s goods imports from the EU increased by 37.7% (up £3.3 billion) to £12.0 billion. This was greater than the percentage change in the value of goods imports from the EU to the UK over this period (up 31.1%). Growth in the value of imports of power generating machinery (up £485 million, 121.2%), other transport equipment (up £340 million, 256.9%), and oil (up £322 million, 119.7%) contributed to this increase, though all ten products in the top ten imports showed increases over this period.
Figure 12. The value of goods imports from non-EU countries has been very volatile since the end of 2021
Value of Scotland’s goods imports from EU and non-EU countries (quarterly), Q1 2019 to Q1 2023
Source: HMRC RTS, Q1 2023
Table 9. The value of Scotland’s top ten imported goods, £ billions, year ending (YE) March (Q1) 2020 to year ending March 2023
|
Product |
YE Q1 2020 |
YE Q1 2021 |
YE Q1 2022 |
YE Q1 2023 |
YE 2020 v YE 2023 (%) |
YE 2022 v YE 2023 (%) |
|
Gas |
1.2 |
1.5 |
7.3 |
9.9 |
736.2% |
35.5% |
|
Power generating machinery |
2.2 |
1.3 |
1.7 |
2.9 |
30.4% |
67.8% |
|
Office machinery |
2.8 |
2.7 |
2.6 |
2.4 |
-15.8% |
-6.7% |
|
Oil |
1.2 |
0.4 |
1.1 |
1.9 |
59.0% |
75.6% |
|
Electrical machinery & appliances |
0.9 |
0.7 |
0.8 |
1.2 |
36.1% |
41.3% |
|
General industrial machinery |
1.1 |
0.8 |
0.9 |
1.2 |
11.3% |
31.9% |
|
Other transport equipment |
1.0 |
0.5 |
0.6 |
1.1 |
13.4% |
81.4% |
|
Road vehicles |
0.4 |
0.3 |
0.7 |
1.1 |
147.8% |
43.9% |
|
Apparel & clothing |
1.0 |
0.7 |
0.8 |
1.0 |
6.9% |
34.7% |
|
Telecomms & sound recording |
0.7 |
0.6 |
0.6 |
0.8 |
26.9% |
38.5% |
Source: HMRC RTS, Q1 2023
In the year ending March 2023 compared with the previous year, the value of Scotland’s goods imports from non-EU countries increased by almost a quarter (up 22.0%, £4.3 billion) to £24.0 billion. This was a larger percentage increase than for the UK overall (up 16.9%) and was the second largest among the UK nations, behind Wales. This growth was driven by imports of gas from non-EU countries, which increased in value by £2.6 billion (36.1%). Gas accounted for 41% of the value of non-EU goods imports in the year ending March 2023. This growth was likely due to increases in the price of gas, as the volume of gas imported from non-EU countries increased only by 15.7% in the year ending March 2023 compared with the previous year, whereas the volume of imported oil increased by 10.4%.
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