Exports down 0.5% before Brexit vote, new data reveals

Business Minister Paul Wheelhouse. Picture: Contributed

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THE volume of international exports from Scotland has fallen and the value of retail sales has flat-lined, new economic data shows.

The amount of exports dropped 0.5% in the first three months of 2016 to a level that was 2.1% lower than the same period last year.

Business Minister Paul Wheelhouse said the latest manufactured export statistics show the Scottish economy “continues to face substantial challenges”.

Meanwhile, separate figures show the value of retail sales in Scotland remained flat in the period April to June 2016, with the growth in the volume of sales much lower than the level recorded across the UK.

The number of retail sales rose 1% in Britain in the second quarter of 2016, but north of the border the rise was 0.2%

The decline in exports was recorded ahead of the UK’s vote for Brexit, which some economists have suggested could make British goods and services more attractive to overseas buyers as a result of falls in the value of the pound.

Scotland’s international exports value drops by £920m

But Mr Wheelhouse insisted maintaining Scotland’s place in the European single market is “absolutely vital” for Scotland.

He said: “Subdued global demand and the impact of a lower oil price environment have contributed to a drop in first quarter export volumes for companies working in several parts of the Scottish economy.”