Skip to content 
Search

Latest Stories

Scotland raises a glass to Indian demand for whisky

Scotch whisky exports rose 3.1 per cent in the first six months of 2016, driven by booming demand in India, a market that whisky’s trade body says should be a top trade priority for Britain as it navigates its exit from the European Union.

Demand in India, where the market grew 41 per cent by volume and 28 per cent by value, helped drive total global sales to 533 million bottles equivalent. That marked the first increase in global whisky sales volumes in three years, the Scotch Whisky Association (SWA) said last Friday (16).


In value terms, total Scotch exports fell by one per cent, still an improvement on the near three per cent decline it recorded in the first half of 2015.

Global demand for Scotch appears to be strengthening thanks to “an emphasis on craftsmanship and provenance, backed by investment”, SWA head David Frost said in a statement.

Indian tariffs of 150 per cent are a hurdle for exporters, but its spirits market is set to expand three per cent in 2016, according to industry data specialist IWSR, and Scotch distillers are keen to capitalise. The SWA is calling for a new trade agreement with India to be top of the list as Britain reshapes its global relationships.

The industry says it will face no tariffs to the EU, which made up nearly a third of its £3.86 billion in exports last year. But it remains concerned about Brexit, because Scotch may no longer benefit from being under the wing of the EU for trade with countries outside the bloc.

The weakness of the British pound, which fell against major currencies after the vote to leave the EU on June 23, would boost revenues in sterling from exports in the short term, the SWA predicted. But it called on the government to provide clarity as soon as possible on the future trade relationship with the trading bloc.

Scotch whisky accounts for nearly a quarter of all British food and drink exports on an annual basis, and around a third of Scotch exports are destined for the EU.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less