The Scotch Whisky Association (SWA) has released an analysis of the industry’s 2017 export performance that indicates the UK trade deficit would be almost 3% worse without Scotch.

The Scotch Whisky industry posted record-breaking exports in 2017, growing in both volume and value  — by 1.6% and 8.9% respectively — to a total of £4.37 billion.

That’s the equivalent of 1.23 billion bottles exported globally.

The SWA said the new analysis reveals that while the UK trade deficit reduced from £166 billion in 2016 to £153 billion in 2017, the deficit would be 2.9% greater without Scotch Whisky exports.

Last year, of every £100 of goods exported from the UK, £1.30 was Scotch Whisky.

The analysis also shows that exports of Single Malt Scotch Whisky continue to grow, with an increase of 14% year-on-year to £1.17 billion.

This is the second year in a row that exports of Single Malt have surpassed £1 billion, reflecting a trend towards premium products in global markets.

SWA chief executive Karen Betts said: “More Scotch Whisky is enjoyed across the world than American, Canadian and Irish Whiskies combined.

“Our analysis of 2017 exports shows just how well the industry is doing in our 180 markets.

“This reflects the industry’s determination and hard work to take high quality Scotch Whisky to consumers all over the world.

“The UK trade deficit, currently £153 billion, would have been nearly 3% worse without Scotch Whisky exports.

“Likewise, Scotch plays a key role in the Scottish and UK economy, supporting thousands of jobs, including in rural parts of Scotland.

“Single Malt continues to grow significantly, boosting again the value of our exports.

“There are signs too that the market for Blended Scotch Whisky is improving.

“This is a welcome indicator of future growth.

“Blended Scotch is the solid foundation on which our global export success has been built.

“As Brexit approaches, it’s important that the government supports Scotch Whisky’s export success and ensures that access to EU and global markets is as good once the UK leaves the EU as it is today.

“This includes ensuring that Scotch Whisky is properly protected through the Geographical Indication system.”