Scotch Whisky Exports to Singapore Exploded in 2023
Despite harsh economic times for the global landscape, Scotch whisky exports to Singapore soared to new heights in 2023. All reports from both governmental and private sector sources indicate that there is a new destination for Scotch whisky. The reports show double-digit growth in whisky imports by the country putting it in line for an exponential 2024.
According to the Census Bureau, Scotch whisky exports to Singapore grew by 31% to reach more than £380 million (US$480m) in the 12 months to October 2023. However, exports to Malaysia climbed by 43% to £11 million (US$14m). The growth trend for Singapore in 2022 was also positive.
Individual Growth of Whisky Export to Singapore
Another important factor impacting the growth of whisky exports to Singapore is the custom-branded expressions. Singapore is also a major market for UK gin, with the popular gin and tonic and Singapore Sling driving exports of UK gin to the country by 56% (£3m/US$3.8m).
A report by the UK government states that sales of British products like whisky, gin, sparkling wine, and chocolate have risen significantly in certain countries affiliated with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Among the 11 members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK is expected to join the bloc by the end of the year.
Within a decade, tariffs on UK whisky exports to Malaysia will be eliminated by 80%, increasing their share of the market. SWA’s chief executive, Mark Kent, said the industry exports more than £1 billion annually (US$1.3 billion in 2022).
“The UK’s accession to CPTPP will open up new opportunities for Scotch whisky and other UK products in key markets in the region, including the phased elimination of Malaysia’s import tariff.”
According to the SWA, Singapore was the third-largest export market for Scotch whisky in 2022. It grew 52% to £316 millions (US$399 million) from £212 million (US$268 million).
