The Scotch Whisky Association (SWA) has released new figures which show that global exports of Scotch Whisky have bounced back strongly from the coronavirus pandemic. During 2021, global exports grew to £4.51bn, which represents a 19% growth on the previous year.
CEO of the SWA Mark Kent said: “The global footprint of the industry in 2021 is a clear sign that the Scotch Whisky industry is on the road to recovery. Value and volume are both up as consumers return to bars and restaurants, people return to travel and tourism, and we all return to a degree of normality after a period of enormous uncertainty for consumers and business.”
He added: “Scotch Whisky growth in global markets means more jobs and investment across Scotland and the UK supply chain. The industry has continued to invest in its production sites, tourist attractions and workforce to ensure that Scotch Whisky remains at the heart of a dynamic international spirits market and attracts new consumers around the world.”
The industry has been helped by the agreement with the US to pause the steep tariffs which were introduced by the Trump administration, The Independent reports. The 25% tariffs on single malt exports to the US were introduced as a retaliation to a disagreement with the EU about subsidies given to Airbus and Boeing.
The Asian and Latin American Markets for Scotch whisky are also expanding, with growth up by 21% and 71% respectively. India in particular is seen as a key emerging market, as the rising numbers of middle-class Indians adopt whisky as a fashionable drink. The UK government is hoping to capitalise on this with a new free trade deal this year.
This could potentially make India the largest market for Scotch whisky, and drive further jobs and growth in the industry. All this makes it an excellent time to consider making a whisky investment in the UK.