- Full-year shipments decline 9.5% in value to GBP5.6bn (US$7.04bn)
- Volumes tumble 19% on 2022, to 105m nine-litre cases
- Single malt value breaks GBP2bn – GBP2.02bn – rising by 2%
For the 12 months of 2023, overall scotch shipments declined by just under 10% in value terms on a volumes slide of almost 20%, the Scotch Whisky Association said this week. While 2022 was clearly an outlier when considering growth trends for the category, the SWA flagged export rises of 14% for value and 3% for volumes on full-year 2019, the year before Covid broke globally.
Looking at volumes first, France regained the top spot for scotch’s export markets from India a year earlier. The most notable mover, however, was in the other direction as Brazil’s imports by volume slumped, from 93m 70cl bottles to 43m in 2023 – a 54% year-on-year decrease.
Compared to pre-pandemic 2019, Mexico exhibited a marked negativity towards scotch, down 34% to 34m bottles from a high of 51m units four years ago.
Value-wise, the US is still far and away the most valuable export market but declined not only year-on-year but also versus 2019 – the former by 7% and by 9% on four years prior. Elsewhere in the top ten, Singapore grew strongly, by 19%, while China inched up 1% and re-entered the top five from 2022’s sixth place.
India, long considered by the scotch whisky industry as the most promising export market for long-term growth, slumped by 22.5% on 2022, although remains on an upward trajectory, pandemic notwithstanding.
Looking at scotch by sector, the SWA highlighted the performance of single malt, which was up 2% in value terms year on year to a shade over GBP2bn. Blended scotch, which accounts for 55% of total exports – single malt was at 36% – was down 16% by value to GBP3.1bn.
“The 2023 figures … demonstrate a more normalised depiction of year-on-year exports for scotch whisky,” the trade association said. “The industry is seeing a global cost of living crisis impact consumers in markets around the world, as well as stock management in-market, both of which accounted for a drop in exports.”
