Scotch Whisky Industry Reaches Over $7 Billion in Exports Despite ‘Volatile Global Trading Environment’

Scotch whisky exports reached a staggering $7 billion in 2023 according to the Scotch Whisky Association’s annual report. (Photo: Jane Barlow/PA Wire URN:58357341 Press Association via AP Images)

On Thursday, the Scotch Whisky Association reported that despite 2023 being a difficult year, scotch whisky exports are still going strong, having generated £5.6 billion ($7.05 billion) in revenue.

The organization noted that this was a decrease from 2022 exports, which clocked in at a whopping £6.2 billion ($7.8 billion), yet they still exceeded pre-pandemic numbers.

“Scotch Whisky has once again shown its export strength despite significant challenges across a volatile global trading environment,” Scotch Whisky Association Chief Executive Mark Kent said in a statement. “The figures demonstrate that Scotch Whisky brands and distilleries are investing in their teams, their tourism offering, their long-term sustainability and their global presence to ensure that Scotch continues to be the world’s favorite whisky.”

Scotch isn’t the only thriving category of whiskey. On Feb. 7, Kentucky Gov. Andy Beshear and U.S. legislators toasted Kentucky’s $9 billion bourbon boom, citing Kentucky’s Bourbon economy as “stronger than ever.”

2023: A Year of Uncertainty for the Whisky Industry

The Scotch Whisky Association didn’t mince words when it referred to 2023 as a “challenging” year.

In August, the organization begged the U.K. chancellor not to implement a 10.1% duty increase, marking what would be the highest tax burden on scotch whisky in 40 years. The initiative was meant to encourage customers to cut back on booze by taxing drinks based on ABV strength.

Though the duty was narrowly avoided, brands still struggled with inflation. Due to pressures from the high cost of living, unionized workers at major whisky brands like Chivas Brothers threatened to strike during the holiday season.

Yet setbacks aside, the Scotch Whisky Industry reported that 1.35 billion bottles were exported that year, equating to 43 bottles per second.

The organization cited Asia Pacific as the export region of the highest value and cited a drop in the U.S. market to £978 million in export value.

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