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Publication - Statistics

Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q4 2024

Part of

Supporting documents

Notes

Caution: Please be aware there are known errors in HMRC's 2024 net mass (kg) data for UK exports, including exports from Scotland. These errors are in SITC 74 (General Industrial Machinery) and SITC 77 (Electrical Machinery & Appliances). HMRC are currently investigating the nature of these errors. These commodity codes have been excluded from the real terms analysis in this report, but are included in current price analysis of values only within the accompanying tables. While HMRC are investigating these errors all results are subject to revision, which will be announced in HMRC’s RTS commentary.

Official statistics in development

Official statistics in development are official statistics that are undergoing development. These were previously referred to as experimental statistics.

Coverage

This report contains trade in goods data from the March 2025 release of HMRC’s Regional Trade in Goods Statistics (RTS), which relate to international trade in goods only, they exclude trade in services and inter-regional UK trade. Recent estimates are considered provisional until finalised by HMRC in August of the following year. Throughout this report we refer to user friendly versions of the Standard International Trade Classifications (SITC) – please refer to the accompanying Excel tables Annex 1 for more information.

Onshore Economy

For consistency with other economic statistics for Scotland, including Gross Domestic Product (GDP) and Export Statistics Scotland (ESS), analysis in this report focuses on trade to and from Scotland’s onshore economy, and so excludes trade in mineral fuels (oil and gas). Estimates of oil and gas industry activity in Scotland, including its contribution to GDP and trade, are available in the Supply and use satellite accounts for extra-regio activities.

Real terms

Analysis in this release is presented in ‘real terms’, which refers to figures adjusted for inflation using Chained Volume Measures (CVM). CVMs of export quantity have been introduced to illustrate how exports and imports have been changing over recent years when high price inflation has been the driving factor in changes in the value of trade.

Both current price and real terms estimates are available in the supplementary tables.

Exclusions

Mineral fuels and erratic goods at the following SITC Division level (SITC2) are excluded from the CVM totals due to volatility of these series:

  • 66 - Non-metallic minerals
  • 68 - Non-ferrous metals
  • 79 - Other transport equipment
  • 97 - Non-Monetary Gold
  • 93 - Special transactions

Due to a high degree of recent volatility, for the first time in this series we have also excluded:

  • 74 – General industrial machinery
  • 77 – Electrical machinery and appliances

HMRC are currently investigating errors affecting these commodity codes and it is likely that revisions will be required in the future.

More detailed information on CVM, including exclusions and comparability with other sources, as well as ongoing developments of export estimates can be found in the accompanying methodology report.

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