The current pandemic has caused delays in terms of government publications which rely on external data before publication.
Around this time last year, Export Statistics Scotland published their annual report.
This year the publication date has not been set but we do anticipate this release in the coming months.
However, what we can do just now is remind ourselves of the previous year’s figures, which showed an increase in exports to the rest of the UK by £1.2 billion to £51.2 billion (60%), driven largely by the financial sector.
EU exports grew by £695 million to £16.1 billion (19%). Non-EU exports (rest of the world) account for 21% of exports.
The data reveals that trade with the rest of the UK is over three times more important for Scotland’s economy than trade with the EU.
Yet it is this UK market, our biggest market by far, that the SNP want to break-up entirely. Risking new trade barriers, new borders and new tariffs with 60% of our exports (worth over £51 billion).
With the financial sector contributing largely to a rise in these figures, it means we can also
appreciate our Pound even more as we can see its clear benefit.
When this years’ figures are released it is worth highlighting yet again the clear benefits we in Scotland have from being part of the UK.