Scottish exports continue to boom

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Scotland already has a trade surplus, is the only part of the UK to have had one over previous years and it’s growing. This makes Scotland a better long-term economic prospect than rUK. See:

England runs massive trade deficit. Only Scotland has a viable sustainable economy, exporting more than she imports thus requiring no national debt

England ran a massive trade deficit in 2014 and 2015 too. Scotland had an even greater surplus in those years. Who knows how much we’ve been subsidising the UK balance of payments and reducing debt over the years?

Insider magazine has reported that one third of Scottish firms had an export boost in the last three months which they attribute entirely to the fall in the value of the pound. I suspect that’s unfair to the industries making these increases through the production of ever higher quality goods and, in tourism, through the growing appeal of Scottish destinations. The Royal Bank of Scotland, in the article, predict this growth will continue into 2108.

http://www.insider.co.uk/news/export-growth-rates-among-scottish-11254248

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9 thoughts on “Scottish exports continue to boom

  1. Scott September 30, 2017 / 9:40 am

    I don’t know if you noticed this but our great friend of Scotland Mr Mundell “joke” had this to say.”The UK Government knows the huge importance of Scotch whisky to the UK economy”.
    Just another reason they want to hold onto us but then we are too wee and no way fit to run our own country.

    Liked by 1 person

  2. Clydebuilt September 30, 2017 / 9:41 am

    Would interesting to have the figure for exports to RUK for the same period.

    Liked by 1 person

  3. Marlene Halliday September 30, 2017 / 10:17 am

    I first came across export / import figures for the four UK nations on HMRC website a couple of years ago. Of course the Scottish figures are very encouraging. But isnt it certainly the case that a portion of the rUK imports are destined for Scotland? Meaning that our imports are underestimated? The car that I’m taking delivery of on Monday morning was imported into the south of England three weeks ago. Will HMRC know it’s headed up north and include it in Scottish imports? And of course our exports may be partially ‘hidden’ too? Or does HMRC allow for that?

    Liked by 1 person

    • johnrobertson834 September 30, 2017 / 12:08 pm

      Yes, this was discussed in an earlier exchange with readers. One of them felt it would kind of even out?

      Liked by 1 person

  4. Ludo Thierry September 30, 2017 / 4:58 pm

    Hi John (or should we call you ‘Scoop’?) – You are a hard taskmaster and are determined to upskill your readers in terms of economics and accountancy (let alone History and Culture)!

    I noticed 2 short reports on beeb Jockland website last week (1 jam-maker and 1 cashmere clothing) and noticed a similar pattern in large export improvement but a pedestrian UK market: See below:

    Scottish cashmere clothing brand Johnstons of Elgin has issued a profits warning despite a strong rise in exports in 2016.

    Sales were boosted in France, Japan and the Middle East and by growth in revenue from the London shop and online.

    However, the boost was accompanied by a rise in costs of imported materials.

    The Morayshire company’s accounts showed total sales rose from £66.7m in 2015 to £68.8m during the past year.

    Exports rose from £18.8m to £21.7m, while UK sales fell.

    Pre-tax profits fell from £7.8m to £6.2m.

    Mackays jams has seen strong growth in export orders, according to the company’s latest accounts.

    The Arbroath firm reported a 24% growth in overseas sales of jams and marmalades, while its UK sales were static.

    Turnover at the Arbroath firm increased nearly 6% to £18.6m. Of that, 31% was exported.

    According to the document filed with Companies House, pre-tax profit fell from £866,000 to £654,000.

    My reading of that is that the UK market is really starting to tread water in advance of brexit (whatever the MSM are telling us) – but that the business management and Sales Teams are managing to locate and increase export markets to try and counter the UK ‘drag’. It is good to see these export links being developed and expanded already (ie in advance of Indy) as that is precisely the action that any post-Indy Scottish Govt will be promoting. As I keep saying – we really are in the early days of a better nation.

    Thanks, ludo

    Liked by 1 person

  5. Ludo Thierry September 30, 2017 / 5:55 pm

    Hi John – you correctly identified tourism as a form of exports (selling goods/services beyond the home market). Another indicator of Scotland’s ‘boom’ in tourism last week got precious little coverage in the MSM : (see below the story re. the new Edelweiss Air route between Zurich and Inverness)

    Highlands and Islands Airports (Hial), the terminal’s owner, said yesteday a new weekly service to and from Zurich would start on July 3.

    Operated by Edelweiss Air, part of Swiss International Air Lines (swiss), the new direct route will allow passengers to reach Switzerland’s largest city and one of the key financial destinations in the world in less than three hours.

    The weekly flights are scheduled to run for nine weeks to coincide with the summer holiday season. Tickets are already on sale on the Swiss website, from £190 return.

    Hial said the new route would both increase destination choice for passengers from the Highlands and bring new visitors into the region.

    Managing director Inglis Lyon added: “This new summer link with Zurich offers increasing leisure opportunities for Scottish travellers, with over 3,000 seats for sale for the summer period.

    “The expected increase in Swiss visitors to the Highlands could boost the economy by over £350,000.

    “The airport is becoming an increasingly viable departure airport for Scottish passengers looking to travel abroad. Where Highlanders would have previously had to book flights from other Scottish airports, they can now start their journey from the Highland capital which is convenient for holiday travel.

    “It’s great to add another international airline to our list of carriers. We look forward to building a strong relationship with Edelweiss Air.”

    A spokesman for Edelweiss Air said: “We are pleased to be launching the second Edelweiss route to Scotland next summer, with new flights to Inverness Airport adding to the existing service from Edinburgh.

    “This new route will open up further opportunity for travellers from Switzerland to discover the beauty of the Scottish Highlands.”

    Inverness Airport recently posted the highest monthly passenger figures since it opened in 1940, recording more than 93,000 people during July.

    A couple of things I take from this. Clearly Swiss International wouldn’t have planned the new service if the Edinburgh route isn’t already performing to projections.Clearly Swiss International are projecting further demand from Swiss tourists to visit the Scottish Highlands next Summer season.

    One other point to notice – Highlands and Islands Airports LTD (HIAL) are a company that come under the remit of the Scottish Govt (it is part of the Scottish ‘public sector’ economy – which isn’t a ‘dirty’ word in Scotland as it is in Westminster).

    Amazing the benefits that having an SNP Scottish Govt with a real focus on identifying potential growth areas for the Scottish economy brings. That sort of relentless focus on ‘doing the day job’ simply never figured in the efforts of the previous Holyrood administrations (too busy trying to earn Brownie points with their Westminster bosses I expect).

    Thanks, Ludo

    Liked by 2 people

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