Tariffs, Economy Cause Scotch Whisky Exports to Slump

It’s a perfect storm…the combination of import tariffs and a soft U.S. economy have caused Scotch Whisky exports to fall in 2025 for the second consecutive year, according to HMRC export data released today by the Scotch Whisky Association. The 4.3% drop in global volume and 0.6% drop in sales value come after U.S. President Donald Trump imposed 25% tariffs on U.K. exports last spring, which were later reduced to 10% after a “free trade” agreement was reached between the longtime trading partners.

The U.S. is the most valuable export market for Scotch Whisky by value, and exports totaled £933 million GBP last year. Full-year exports were down 9.2% in volume, and by 15% between May and December once tariffs had taken effect. Sales value fell 4% over the previous year, and 7% during the May-December period.

“Of course, the U.S. is our biggest market. but also the industry with which we work most closely,” said SWA chief executive Mark Kent. “The barrel trade in Bourbon casks to Scotland is important…when our volumes drop off, so do our purchases of barrels from the U.S., and that’s actually happened,” he said in an interview. Kent repeated his pledge to keep working with his U.S. counterparts to persuade the Trump Administration to return to “zero for zero” tariff-free trade.

Other regional markets also saw decreases in export value. The Asia-Pacific region, historically one of the most valuable for Scotch Whisky makers, saw an 8.3% decline in value with export volume remaining steady. That indicates that Scotch drinkers in the region are trading down to less-expensive whiskies for economic reasons. The European Union reclaimed its place as the leading regional export market, despite losing 1.8% in value over 2024 and 9% in volume.

Listen to the next episode of WhiskyCast for our interview with SWA chief executive Mark Kent.