The export value in H1 2024 totalled £2.1 billion, while volumes fell by 10.2% - equivalent to 566 million 70 cl bottles.
“The Prime Minister has promised to ‘back Scotch producers to the hilt’. These figures are a reminder that the success of Scotch Whisky cannot be taken for granted and requires government support to ease the industry through short term volatility,” said SWA chief executive Mark Kent.
“It is clear that the first half of 2024 has been challenging, as for other premium global exports. This has not come as a surprise given the volatile international situation affecting global industries and inflationary pressures which have fed through to consumers across global markets.”
Despite current tariffs of 150%, India remains the category’s largest market by volume and grew by 17.3% in the first half of 2024 compared to the previous year.
“It is welcome that the UK government has picked up negotiations on a UK-India trade agreement,” continued Kent.
“Exports to India have been a bright spot in the first half of 2024, despite the current 150% tariff being a brake on future growth. Securing a deal which reduces the tariff would be a major boost to the industry and help to mitigate the impact of a slowdown in other global markets.”
