South African whisky imports drop 9% in the first half of 2016
bdlive.co.za - Sep 21st 2016, 10:59
SOUTH African Scotch whisky imports decreased 9% during the first half of 2016 to 18.7-million bottles but SA moved one spot higher to being the seventh-largest export market for the product, according to the Scotch Whisky Association.
SA spent £39.9m on Scotch imports in the first half of the year which is down by 19% in cash terms compared to the same period last year.
Overall global export volumes grew for the first time since 2013, by 3.1%, for the first half of the year with 533-million bottles shipped, compared to 517-million bottles in the first half of 2015.
But in value terms, total Scotch exports fell by 1% to £1.70bn, which is less of a decline compared to the 3% drop the market experienced during the same period last year.
For the first six months of this year the top ten export markets by volume were: France, USA, India, Spain, Brazil, Germany, SA, Singapore, Mexico and UAE.
The association predicted that the drop in the value of the pound, which fell against other major currencies after the British public voted to leave the EU in June, would boost revenues from exports in the short term.
The growth of exports to India drastically increased, by 41%, compared to last year, while the association said the full potential of the Indian market would only be realised if the country’s 150% basic customs duty was relaxed.
Sales of Scotch are regarded by some economists as a useful barometer of economic prospects. During the period under review the USA, SA, Mexico, Australia, Thailand, Taiwan, South Korea, Italy and Turkey all noted a reduction in import volumes.From DFM Publishers (Pty) Ltd
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