1.44bn boost to Scotlands exports in spite of Brexit woe – Yahoo News UK

Adrian Gillespie

By Ian McConnell

Business Editor

More than 1.4 billion of additional export sales are anticipated over the next three years by companies north of the Border on the back of support from taxpayer-funded Scottish Development International in the year to March.

Scottish firms were supported to enter 208 new markets over the 12 months, with a focus on opportunities in the US, China, Germany, Spain and France. As part of this, 176 new products and services left Scotland for these new markets, SDI noted yesterday as it published its annual results.

Overall, 467 companies trade efforts were supported by SDI in the year to March.

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The anticipated additional export sales total of 1.44bn is up sharply on the 1.16bn projected on a three-year view from support that was provided by SDI in the 2020/21 financial year.

Asked how the distinction was made between export sales that companies would have had anyway and those arising from the support, a spokesman for SDI replied: The international sales figures are additional export sales forecast to be achieved from the activities we have supported. The estimated additional international exports are validated by the company at that stage.

The results combine company projects supported by SDI, and Scottish Enterprise and its sister agencies Highlands and Islands Enterprise and South of Scotland Enterprise.

The spokesman noted that SDI is pan-Scotland so these results [cover] all the agencies (SE, SoSE and HIE).

Adrian Gillespie, chief executive of Scottish Enterprise, said: These are very positive results and show that, despite a difficult environment for exporters, Scotlands goods and services continue to be incredibly attractive to global markets and buyers.

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Scottish exporters have demonstrated enormous resilience over the past year to adjust to the challenges they have faced due to Covid-19, Brexit and now the conflict in Ukraine. Our SDI trade colleagues have been there to support companies every step of the way, providing knowledge, skills and access to our international networks, enabling hundreds of firms to enter new markets overseas.

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He added: Supporting innovative Scottish companies scale up and grow through exports is a priority for us. Not only is this a major contributor to Scotlands economy, an international focus plays a vital role in encouraging the innovation and competitiveness that are essential to our future economy. With markets fully opening up and our exporters taking advantage of additional routes to overseas customers, we are positive about future trade opportunities for Scottish exporters.

HIE chief executive Stuart Black said: It has been an extremely challenging few years for Highlands and Islands businesses that trade internationally, so these results from SDI are particularly encouraging.

"Our regions businesses contribute significantly to the value of Scotlands exports, which are dominated by sectors such as energy, aquaculture and whisky sectors where the Highlands and Islands high-quality products are internationally recognised.

Firms supported by SDI in the year to March included agritech innovator Intelligent Growth Solutions, marine energy management and storage technologies company Verlume, and Boe Gin.

Scottish Government trade minister Ivan McKee said: These results are extremely positive, and they highlight the demand for Scotlands goods and services across the globe. Trade and investment plays an integral role to help us create new, sustainable jobs and grow our economy.

He flagged the resilience of Scottish businesses over the last few years, noting export success had been achieved "despite the complications of the Covid-19 pandemic and the consequences of Brexit".

South of Scotland Enterprise chairman Russel Griggs said: These are fantastic results which show, despite the pandemic, trade is a significant part of the Scottish economy. We are already seeing a result of this in the number of inward investment enquiries we are getting in the south of Scotland.

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1.44bn boost to Scotlands exports in spite of Brexit woe - Yahoo News UK