Here’s what the FT’s World Trade Editor said in January 2014:
‘Fuelled by banking, whisky and oil, an independent Scotland would export goods and services worth almost £100bn, putting it among the top 35 exporters in the world, according to new data that could bolster the economic case for independence. ‘
Since then, we’ve seen a massive boom in the Scottish food and drinks industry. See this and other topics on the same topic in my blog:
Also, we can now see that the Scottish Gas and oil sector is on the verge of a major surge in production and sales. See this and other reports on the same topic in my blog:
Estimates of Scotland’s oil reserves West of Shetland now massively increased to around 8 billion barrels! ‘A super-resource now on the cards.’
So, the FT’s 2014 estimate, higher than the 2015 figures being used below, requires a bit of adjustment upward I’d say and this 2015 graphic below, minus oil and gas revenue, which has been widely used is no longer much of an indication of the current situation or future prospects. It’s been used at times to argue that Scotland needs the single market with the UK more than it does trade with the EU or further afield. However, that the rUK would put up barriers to this trade given that it exports more to Scotland than we do in return is no more plausible than the idea that we would do the same.