New analysis shows growing trade with Scotland
14 Jul 2014 01:10 PM
The biggest and fastest growing market for Scottish goods and services, outside Scotland itself, is the rest of the UK.
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)
That’s:
- 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
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.
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