This item was published during the term of a previous administration that ended in April 2007
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Global Connections Survey
13/12/2005
The US continues to be Scotland's biggest export market, worth £2.6 billion in 2004, but there are also signs that business links with important emerging economies are expanding, according to the Global Connections Survey.
Deputy First Minister Nicol Stephen said the Executive's annual study of overseas exports showed that Scottish business had to be truly global in its outlook to compete in a tough international environment.
Mr Stephen continued:
"Some £2.6 billion of Scottish goods and services were exported to American markets in 2004 - up from £2.1 billion the previous year and a key indication of just how important that American market is for Scottish business.
"While North America and the EU remain key destinations for Scottish exports, I was particularly interested to see that India - soon set to be the third biggest economy in the world - has now moved into the top 20 destinations for Scottish exports for the first time.
"The continuing rapid expansion of emerging economies like India's present fantastic opportunities for Scottish exporters.
"I know from my recent trip to New Delhi and Bangalore that there are already several Scottish companies with a foothold in India, and I want to see even more of our businesses win from the fantastic opportunities that are there. China is also a market with huge potential, which currently remains only 28th on the list of Scottish exporting destinations.
"Connecting globally is not all about exports, important though they are. Scottish companies are investing in countries like India and China, making acquisitions, forming powerful trading alliances and encouraging investment back here in Scotland, all of which brings benefit to the Scottish economy.
"Our biggest problem area continues to be the electronics sector, where exports have continued to decline significantly. The fall in 2004 was £1 billion - in 2003 the reduction was £1.5 billion. Against this, there was a growth of £400 million in other sectors of the economy. Total electronics sector exports remain very significant at just over £4 billion per year but at their height in 2000 were around £10 billion. Clearly, any economy has a big challenge adjusting to change of this scale and speed."
"We are committed to working with business through Scottish Development International (SDI) to maximise opportunities in global markets, helping to ensure continued economic growth at home."
The Global Connections Survey 2004 was conducted by the Executive in conjunction with Scottish Development Interational (SDI). The provisional results are published today on the Scottish Executive website . Tables and a summary report can be downloaded. Note that these results may be revised in the future if improved information becomes available.