The Scottish Government has welcomed new figures that show exports grew in the first quarter of 2008 as a sign the economy is “continuing to show resilience at a time of global uncertainty”.
Scottish manufactured export sales increased by 2.3 per cent in real terms in the first quarter of 2008 and grew by 3.2 per cent over the year to the end of March 2008, according to estimates published today by Scotland's Chief Statistician.
Over the quarter, the main industries contributing to the increase in manufactured export sales were electrical and instrument engineering and mechanical engineering which grew by 6.6 per cent and 19.3 per cent respectively. The wood, paper, publishing & printing (+2.2 per cent) and textiles, fur & leather (+3.4 per cent) industries also grew over the quarter.
The remaining industries all showed declines in export sales with transport equipment (-10.4 per cent); food and tobacco (-14.8 per cent); and chemicals, coke, refined petroleum & nuclear fuel (-2.7 per cent) showing the most significant decreases.
Over the year to March 2008, the engineering & allied industries grew by 5.9 per cent in real terms and, in doing so, contributed most to the overall growth in export sales. Wood, paper, publishing and printing (+16.1 per cent), metals & metal products (+13.6 per cent) and drink (+1.3 per cent) also grew over the year. Chemicals, coke, refined petroleum & nuclear fuel (-4.5 per cent) and food & tobacco (-13.0 per cent), textiles, fur & leather (-5.1 per cent) and other manufacturing (-3.5 per cent) all showed a fall in export sales over the year.
Enterprise Minister Jim Mather said the figures are a welcome sign at a time of global economic uncertainty.
He said: “These latest statistics show that Scottish manufactured exports grew strongly in the first quarter of 2008 and over the year.
“This performance is even more encouraging because it demonstrates that the Scottish economy is continuing to show resilience at a time of global uncertainty.
“Undoubtedly, the favourable exchange rate conditions with key trading countries such as those in the Euro Area is an important factor in this strong performance.
“That underlines the need to put aside any thoughts of complacency and continue our drive to make Scotland a more competitive place to do business.
“Our economic performance has been sluggish at best for decades. This Government has determined not to let this underperformance hold back this country and its people any longer.
“That's why we have put increased sustainable economic growth at the heart of our purpose as a government. And it is why we are reducing and removing business rates for 150,000 small businesses, providing record support to an enterprising third sector, funding improvements in Scotland's connectivity and have refocused and reinvigorated our enterprise networks.”
Responding to the figures, CBI Scotland’s director Iain McMillan, said: “It is heartening that exporters’ performance perked up in the first quarter of this year, after what appears to have been a temporary dip in fortunes in the fourth quarter of 2007.
“This suggests that Scottish firms are proving remarkably resilient, despite stiff competition and significant cost rises.
“It is crucial that Ministers play their part by keeping a firm lid on the costs under their control that affect business, and the recent reduction in business rates is welcome recognition of this.”
Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said: “We welcome this sharp upturn in manufactured exports, which represents a much needed boost to our economy following two consecutive quarters of exporting decline. At a time when the economic news has tended towards gloom and pessimism, these figures underline the fact that many Scottish businesses are thriving and taking advantage of the market opportunities which do exist.
“However there is no room for complacency, and issues such as the continuing rise in fuel and energy costs are impacting heavily on margins. Trading conditions are challenging, but this rise in exports indicates the robustness of the Scottish manufacturing sector and its ability to compete effectively on the international stage.”
The full statistical publication can be accessed here.
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