Firms make most of currency moves

Scottish exports rocket on back of low pound

Port of Grangemouth
Port of Grangemouth

Scottish exports have soared by more than a quarter as a result of the slump in sterling.

Figures from HMRC show the value of goods exported for the first three months hit £7.2 billion, against £5.7bn in the same period last year, a rise of 27%.

Exports to EU countries accounted for 46% of the total followed by Asia and Oceania on 20% and North America on 16%.

Machinery and transport exports made the most significant contribution – 30% of the total value – while mineral fuels accounted for 28%.

There was also a modest uplift in the number of Scottish exporters, from 6,502 to 6,745 over the same period. 

Alan Aitchison, audit partner at RSM, said: “The decrease in the value of the pound since last year’s referendum has helped exporters and these figures show that the region’s businesses have been making the most of this.

“Looking ahead, however, the outlook for exporters is less clear. Last week’s election result has caused further turbulence in the political climate and businesses will no doubt be hoping for some early clarity on the UK’s future trading relationships with Europe once the Brexit negotiations start in earnest.”

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