Recovery in N. Sea oil and gas sector helps Scotland’s exports increase by 12% this year so far

A recovery in North Sea oil and gas exploration and production on the back of a rising tide in crude oil prices has contributed to a 12% increase in Scottish exports in the first quarter of this year.

Since diving to a near $30-barrel low 18 months, bench-mark Brent crude oil is now wholesaling at around $75-barrel and there has been a series of recent new oil finds and fields coming on stream in the North Sea.

Commenting on the HMRC – Regional Trade Statistics – 2018 Quarter 1 today, Scottish Trade & Industry Minister Keith Brown said: “These figures are very encouraging, clearly showing strong export growth across a range of sectors.

“That was largely thanks to a significant increase in oil and gas exports. Confidence is returning to that sector – which is of course one of Scotland’s most important industries.  

“The total amount of goods exported to our European neighbours rose by 21% in the year ending March 2018, increasing to £14.6 billion – highlighting the continued importance of that market to Scotland.

“And it is encouraging to see Scotland leading the way in the UK with a 12% increase in total goods, compared to a UK average of 8%.  

“These figures are positive – across a number of sectors, and across a number of global markets.   

“The Scottish Government continues to do everything in our power to support the Scottish economy and grow exports further, despite the uncertainty caused by Brexit.“

8 Jun 2018

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