- Six-month shipments to end of June fall 18% in value to GBP2.1bn (US$2.74bn)
- Value exports a year ago were down 3.7%
- Volumes in H1 2024 decline 10.2%
Exports of scotch whisky in the first six months of 2024 have registered a steep decline on the year-prior period, according to figures released this week.
In the latest data from trade organisation the Scotch Whisky Association, shipments in value terms in the half-year to the end of June came in down 18% year-on-year. Volumes, meanwhile, decreased by just over 10%, undoing the SWA’s claim 12 months ago that premiumisation was keeping the category on an even keel.
Turning to the data, and the US strengthened its hold on the lead market position for scotch, albeit thanks to second-placed France’s marked decline. According to the SWA, the category is still suffering in the US from its 25% tariff on single malt, which was in place for 17 months until March 2021. “The industry continues to press for a full resolution of the underlying trade dispute [going beyond the current five-year suspension] and ensure that scotch whisky is removed from further harm in this critical global market,” the SWA added.
Despite falling sales in almost all of the top ten markets – the UAE inched up very slightly – India bucked the trend, spending almost 11% more on scotch in H1 than a year earlier. Indeed, the country also regained the top spot for volumes thanks to a 17% jump.
The SWA leveraged the data release to challenge the new government in the UK to provide “support to ease the industry through short term volatility”. Chief executive Mark Kent added: “The UK Budget on 30 October is the first opportunity for the new Labour government to show it truly supports scotch. Last year’s double-digit tax hike on scotch whisky in the UK, the largest in 40 years, has already lost HM Treasury almost GBP300m in tax revenue.
“Beginning to reverse the damage by cutting duty on scotch whisky will boost public finances and bolster the industry through this challenging period.”
