NEWS
INDIA OVERTOOK FRANCE TO BECOME SCOTCH WHISKY'S BIGGEST EXPORT MARKET BY VOLUME
By Susan Lewis
13-3-2023
Source: Unsplash
The value of Scotch whisky exports reached GBP 6.2 billion (USD7.3b) in 2022, with India overtaking France to become the category’s biggest export market by volume, and the Asia-Pacific its most valuable regional market.
According to figures released by the Scotch Whisky Association (SWA), exports value was up 37 percent last year exceeding GBP6b for the first time, benefited from the full re-opening of hospitality businesses across key global markets and the return of travel retail.
The Asia-Pacific region overtook the European Union (EU) as the industry’s largest regional market, with double-digit growth in Taiwan, Singapore, India and China as the post-Covid recovery continued.
India has replaced France as the largest Scotch whisky export market by volume. Despite the double digit growth, Scotch whisky still only accounts for 2 percent of the Indian whisky market, there is a lot of room for the trade to grow.
SWA’s analysis suggests that a UK-India free trade deal, expected later this year, would ease the 150 percent tariff on Scotch whisky in India and would further boost market access for Scotch producers. The association is predicting an additional GBP1b of growth over the next five years.
In 2022, USA was the only market with exports valued over GBP1b, as sales continue to recover after the Trump administration’s tariffs on Single Malt Scotch Whisky.
Elsewhere, markets in the EU - including France, Germany and Spain - saw strong growth in 2022, as exports bounced back after the pandemic.
Commenting on the figures, Mark Kent, chief executive of SWA, said the industry continues to be an “anchor of growth” supporting both investment and job creation despite “a year of significant economic headwinds and global supply chain disruption”.
Looking ahead, Kent said the industry will continue to navigate economic headwinds including “global inflationary pressures, domestic energy and business costs, and a reduction in consumer confidence.”
“With the right support from our home governments, we remain confident that the industry can continue to deliver for the Scottish and wider UK economy,” Kent added.
(the writer can be contacted at: info@thewinechronicle.com)
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