Inflation Adjusted HMRC Regional Trade Statistics for Scotland Q4 2024
Part of
Goods imports
Over the year to December 2024 Scotland’s goods imports decreased by 9% to a value of £18.2 billion.
The decrease was largely driven by imports of Power generating machinery (down 56%), Road vehicles (down 22%) and Office machinery (down 12%). Power generating machinery was the largest decrease and accounted for around three quarters of the overall decrease.
There were increases in Cereals and cereal prep. (up 69%), Animal feed (up 26%) and Metalworking machinery (up 497%).
EU imports decreased by 9% between 2024 and the previous year, driven largely by imports of Power generating machinery (down 58%). Imports from non-EU countries decreased by 9% over this period, which was driven by imports of Power generating machinery (down 55%).
Figure 6. Scotland’s EU and non-EU goods imports diverged during the pandemic and have only recently converged again
Index of Scotland’s international goods imports (CVM) by destination, year ending Q4 2024 to year ending Q4 2024. 2018 = 100.
From around the start of 2020, the EU import series has mostly remained below that of non-EU imports. The index for both EU and non-EU imports are below the 2018 base in the most recent period, therefore any increases in current prices for imports are likely to be strongly impacted by inflation, especially for EU imports.
Over the longer term Scotland’s imports have decreased (down 6% in 2024 since the corresponding period in 2018). EU imports decreased by 14% over this period, while non-EU imports remained around the same.