Latest news with #SWA
The Herald Scotland
5 days ago
- Business
- The Herald Scotland
Scotch whisky chiefs say it's time for Trump tariff cut
Mr Trump's imminent arrival in Scotland comes amid mounting concern within the Scotch whisky industry over the damage being caused to exports by the 10% baseline import tariff slapped by the President on UK goods entering the US. A 25% tariff imposed on single malt Scotch whisky, which stemmed from a long-running trade dispute between the US and EU over aircraft subsidies, during Mr Trump's first term in office is believed to have hit exports to the US by around £600 million. Industry sources have signalled the current 10% tariff, which was introduced in April, are already having a significant impact on distillers' ability to export to the US, its biggest market by value. It is hoped Sir Kier and Mr Swinney will use their audience with Mr Trump to reinforce the 'symbiotic relationship' between Scotch and the American bourbon sector, which is understood to be in favour of tariffs being removed from Scotch. Whisky distillers here are expected to import more than $1.2 billion of ex-bourbon casks for maturing Scotch over the course of Mr Trump's current term. A spokesman for the SWA said: "President Trump's visit to Scotland is a timely opportunity for the UK Government to re-engage in discussions to remove the tariffs on Scotch whisky in the industry's largest global market. Read more: "The Prime Minister should seize this moment to strike a deal to return the zero-tariff agreement which has underpinned industry jobs, investment and growth in both Scotland and in the US.' Allan Hogarth, executive director of the Scottish North American Business Council, said a major concern of Scottish exporters was the 'mood music that the tariffs can create', noting that 'American consumers will perceive that exported goods will be dearer than their own domestic goods'. 'That could alter consumer behaviour, which is obviously a worry for Scottish exporters who are looking to retain sales,' he told The Herald. Mr Hogarth noted that Scottish food and drink are the main products which will be affected by US tariffs, but suggested the impact will vary. One 'niche' exporter of premium Scottish gin, which has a price point of $50 per bottle, he has spoken to remains 'bullish' about its US prospects, on the basis a 10% cost increase will not have a big impact on consumers spending this amount on a product. But Mr Hogarth said larger distillers are 'more likely to be impacted by the tariff changes'. He added: 'One of the other comments made was that even if tariffs are removed, the price increase [arising from tariffs] will not be decreased… the Scottish company concerned would use that extra money to perhaps be spent on marketing and promotion through the buyer. 'So, if and when tariffs are reduced, which we obviously hope they will be, some companies will then have extra funds to help promote their product in market.' Representatives across the Scottish business community are calling for the Prime Minister and First Minister to use their meetings with Mr Trump to build on the already-strong economic ties between the US and the UK. US-owned companies currently employ around 115,000 at their operations in Scotland, while Scottish exports to America – the country's biggest overseas market – are worth around £5.5 billion. Liz Cameron, chief executive of Scottish Chambers of Commerce, said: "A visit from the sitting US President is a major opportunity to strengthen Scotland's economic ties with the world's biggest economy. We are encouraged to see both the Prime Minister and First Minister willing to engage directly; they should continue to build on our deep connections with the USA. This is about investment, exports, and jobs, not politics. "Scotland's exports, from whisky and salmon to renewables and fintech, are world-class. The US is a key market, and now's the time to reinforce our value. We should be pushing for better trade terms, fewer barriers, and stronger commercial partnerships. This is about delivering real economic impact. "Scottish businesses are already working to secure these partnerships, and SCC stands ready to help them. Our recent trade mission to New York strengthened transatlantic business links, and we're already building on that momentum with more visits to USA scheduled for later this year, and plans underway for participation in Tartan Week 2026. Our goal is clear: grow Scottish exports, attract US investment, and champion Scotland as a global business hub." Mr Hogarth said it was 'important to remember' that some Scottish exporters to the US, including software companies, are not impacted by tariffs and may have benefited from the weakening of the US dollar. 'If they are billing in dollars and converting back into sterling, that increases their margin,' he said. 'Ironically, the impact of Trump tariffs will have benefited some Scottish companies and increased their margin.'
Zawya
6 days ago
- Business
- Zawya
Lantania, MGC consortium lands $544mln Jubail desal plant contract
Spanish utility infrastructure group Lantania has announced that its consortium with Mutlaq Al Ghowairi Contracting Company (MGC), has secured a $544 million contract from Saudi Water Authority (SWA) to build the Jubail seawater reverse osmosis (SWRO) desalination plant in Saudi Arabia. As per the deal, Lantania and MGC will carry out the design, supply, construction, assembly and commissioning of the plant, as well as the seawater intake, outfall and all associated infrastructures. This is Lantania's third desalination plant order in Saudi Arabia. Already it has one of the reverse osmosis desalination plant projects under way at Ras Mohaisen with a 300,000 cu m/day. The Spanish group had in 2023 completed its first Saudi project at Jubail 3A, a seawater reverse osmosis desalination plant with a 600,000 cu m/day capacity of drinking water. The facility now caters to the needs of 1,600,000 inhabitants in the eastern provinces of Riyadh and Oassim.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Time of India
6 days ago
- Business
- Time of India
Whisky deals: India's drinking habit shapes trade talks
Indian drinkers have become the toast of trade deals. With a fast-growing alcoholic beverages market in India which now also includes a sizable premium segment as Indians are increasingly taking to expensive brands, other countries seek access to it with lower duties. India and the United Kingdom on Thursday signed a historic Free Trade Agreement (FTA) which is set to reduce average tariffs on UK goods into India from 15% to 3% while Indian exporters will benefit from near-total tariff elimination on about 99% of product lines, covering almost 100% of the trade value. An important part of the India-UK FTA is whisky. The FTA halves import duties on UK-produced whisky and gin from 150% to 75% to begin with, followed by a further decrease to 40% within a decade. Explore courses from Top Institutes in Please select course: Select a Course Category In February, India slashed import duty on American bourbon whiskey to 50 per cent from 150% as it warmed up to negotiating a mega trade deal with the US. The reduction in customs duty on bourbon whiskey was notified just ahead of Prime Minister Narendra Modi's talks with US President Donald Trump. A few years ago, under an interim pact trade pact with Australia, tariffs on Australian wine priced above $5 per 750 ml bottle were cut to 100% from 150%, with a provision of a reduction to 50% over 10 years, while for bottles above $15, tariffs dropped to 75%, with a target of 25% in a decade. The world is cheering Indian drinkers as their numbers grow and a rising economy boosts consumption of liquor. Indian drinkers are a growing tribe India's alcoholic beverage market is a large and rapidly growing sector. It is third largest globally and second largest for spirits. The market is estimated to be worth USD 52.4 billion, with a projected CAGR of 7.7 per cent from 2025 to 2032. As regards the Indian whisky market, it is dominated by country-made liquor (88 per cent) and India-made foreign liquor (9.5 per cent). Scotch whisky constitutes only 2.5 per cent of the total whisky market. According to the Scotch Whisky Association (SWA), India has regained its position from France, as the world's number one Scotch whisky export market by volume, with 192 million bottles exported in 2024, as against 167 million bottles in 2023. Live Events With 100 million people expected to enter the age bracket for legal alcohol consumption in India in the next five years, most global firms count the country among their top three priority markets. For Diageo and Pernod Ricard, two of the world's biggest spirits firms, India is their largest market in terms of volumes. More than half of the world's top 20 most consumed whiskey brands are Indian, as per the latest report by Drinks International. How will the India-UK FTA impact the Indian whisky market? Prices of scotch whisky will surely come down across the country when the FTA takes effect next year. Alcoholic beverage company Pernod Ricard India had said in May that a reduction in prices of imported liquor following the implementation of the India-UK FTA will lead to lower retail prices across most states. "Notably, the FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on Bottled-in Origin products will translate into lower retail prices across most states," a PRI spokesperson told PTI. "These price reductions will benefit Indian consumers, while having minimal impact on Indian Made Foreign Liquor, which remains at a significantly lower price point," the spokesperson said. Customs duties make up about 20% of the shelf price for scotch, with state taxes, production, and marketing costs contributing the rest. "The FTA will lead to better pricing on bulk whisky for India, opening up the market for new UK whisky brands and exposing Indian consumers to relatively smaller scotch whisky brands and casks. We believe the consumer price of scotch could come down by at least 20-22% but that will largely depend on local taxes and how companies work backwards on their calculations," said an industry expert. In India, retail prices of liquor are controlled by policies of respective state governments. They identify the import duty as a separate component of the retail selling price in their respective areas. A government official had told PTI that the import duty concessions granted to Scotch whisky will not significantly impact the domestic market, as the reductions will be implemented gradually over a 10-year period. According to industry body IWSR, some industry commentators are suggesting an up to 30% drop in on-shelf prices though the realistic saving is likely to be around 10% for bottled in origin (BIO) scotch. Also, the savings will not be apparent across states, and may not be passed on to the consumer, at least not in the short-term, it said. "FTA, as far as is presently known, does not remove any of the extensive red tape that characterises doing business in the Indian alcohol market. For instance, brands and labels will still need to register annually state by state, with licence fees paid. There are opportunities, but they will not necessarily be easier to access," Jason Holway, senior research consultant at IWSR told ET in May. Indian premium whisky distillers expect that the duty concessions on Scotch imports under the India-UK free trade agreement will help improve their margins and speed up growth. A lower customs duty on bulk Scotch, used by many Indian Made Foreign Liquor (IMFL) companies for blending, will reduce costs and make premium spirits more affordable in the Indian market. However, lower import duties on imported scotch may challenge local liquor brands in the premium and luxury space. Companies fear that cheaper scotch could erode the market share of Indian-made premium liquor. But not everyone is losing. United Spirits, India's biggest liquor company and part of the global Diageo group, could emerge as a big winner from this deal. That's because 32% of its sales already come from luxury and premium brands, many of which are imported Scotches bottled in origin (BIO). (With agency inputs)
News18
23-07-2025
- General
- News18
Scotch vs Whisky: What Is The Difference And Which Is Better?
Think all whisky is scotch? Think again. Here's what truly makes scotch unique and why Scotland fiercely protects it Ask a Scotsman if scotch and whisky are the same, and you might receive a stern, if not dismissive, reply. While many people casually refer to all whiskies as ' scotch ', that couldn't be further from the truth. In reality, all scotch is whisky, but not all whisky is scotch. So if you're ordering a drink at a bar or club and ask for a scotch, you'll be served whisky, but only if it was made in Scotland and meets a strict set of rules. What Exactly Is Whisky? Whisky is a distilled spirit made from a fermented mash of grains and then aged in barrels. Across the world, whisky comes in many forms: bourbon, scotch, Irish whiskey, Japanese whisky, and more. The defining feature of each type lies in the grains used during distillation. For example, Scotch is typically made from malted barley, Bourbon must contain mostly corn and Rye whiskey is dominated by rye grain. Scotch refers specifically to whisky that is produced only in Scotland, under strict guidelines laid out by the Scotch Whisky Association (SWA). These rules govern how and where it must be made, how long it must be aged, and even the minimum alcohol content. Though three years is the legal minimum, many scotches are aged for significantly longer, some for decades. Most scotch is distilled twice, compared to other whiskies which may be distilled only once. And if even a single cask leaves Scotland during production, it can no longer be legally called scotch. The Five Main Types Of Scotch Whisky Single Malt Scotch: Contrary to common belief, 'single malt' doesn't mean the whisky came from a single barrel or batch. Instead, it refers to whisky made from only malted barley at a single distillery. For instance, GlenDronach single malt may include whiskies from different barrels and ages, but all are produced by the same distillery. Blended Malt Scotch: This type is a mixture of single malts from different distilleries, without the inclusion of any grain whisky. It should not be confused with general blended scotch or mixed grain whiskies. Single Grain Scotch: Made at a single distillery, this variety is not restricted to malted barley. It can include other grains like wheat, maize (corn), or rye, either malted or unmalted. The result is typically a lighter, mellower, and slightly sweeter whisky compared to single malt. Because it's easier and cheaper to produce in large quantities, single grain whisky is often used in making blended scotch. Blended Grain Scotch: Though less common, blended grain scotch is a mix of single grain whiskies from multiple distilleries. It tends to be lighter in flavour and is a favourite among niche whisky enthusiasts. Blended Scotch: By far the most popular type of scotch, blended scotch is made by combining one or more single malts with one or more single grain whiskies, often sourced from different distilleries. Brands like Dewar's, Johnnie Walker, and The Famous Grouse are examples of this category. It's widely available and easier to drink, making it a go-to for many casual whisky drinkers. Is Single Malt Better Than Blended Scotch? Not necessarily; it's simply a different style. While single malt is highly regarded by connoisseurs, a well-crafted blended scotch can be equally complex and flavourful, sometimes even more so. Because blended whisky is easier to produce and more prevalent in the market, the range in quality can be broader. So while there are many excellent blends, there are also poor-quality ones.. What Does Scotch Taste Like? Many associate scotch with a smoky flavour, and that's often accurate. Some distilleries dry their malted barley over peat fires, imparting a distinctive smoky, earthy aroma. However, the overall taste depends greatly on the type of scotch and the region it's made in. Typical flavour notes include vanilla, caramel, oak, spice, and occasionally dried fruits or honey. Where Is Scotch Made? Scotland's whisky production is regionally divided, with each area offering its own signature taste profiles. The five main whisky-producing regions are: The Highlands (includes The Islands) The Lowlands Speyside Islay Campbeltown Each region lends its whisky a unique character. For instance, Speyside, home to over half of Scotland's distilleries, offers two main styles: one light and fruity (hints of honey and orchard fruits), the other deeper, matured in sherry casks. Islay is known for its peaty, smoky whiskies. The Highlands produce a broad variety, from floral to robust and full-bodied. India, interestingly, is the third-largest whisky market in the world, and several Indian whiskies have received international awards. Whether you prefer a rich single malt or a smooth blended whisky, understanding the difference between whisky and scotch and their many varieties can greatly enhance your appreciation for this timeless spirit. tags : alcoholic drinks bourbon whiskey General Knowledge Indian Single Malt Whiskey Interesting facts scotch Scotch whisky scotland whiskey Whisky view comments Location : New Delhi, India, India First Published: July 23, 2025, 11:50 IST News lifestyle » food Scotch vs Whisky: What Is The Difference And Which Is Better? Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
03-07-2025
- Business
- Yahoo
Argentina awards GI status to Scotch
Scotch whisky has become the first international product to receive protected geographical indication (GI) status in Argentina. The GI status, an intellectual property right, is used on products with qualities linked to a specific geographical origin. Other examples include Welsh Lamb and Melton Mowbray Pork Pies. In a statement, the UK's Department for Environment, Food and Rural Affairs (Defra) said the GI tag is a legal safeguard that guarantees products branded as Scotch whisky are 'genuine and meet strict production standards', and allow authorities to 'tackle counterfeit products'. Defra added the development underscores the 'increasing global demand for authentic British products overseas'. Defra said the achievement follows six years of efforts with the UK Department for Business and Trade and industry associations. A spokesperson for the Scotch Whisky Association noted the development was "a product of many years' work by the SWA and our counterparts in the market". They added: "However, there remain significant economic challenges in other larger markets – not least here in the UK, and in our biggest market, the US. 'With a 14% increase to spirits duty in two years, excessive EPR fees for glass, and the industry excluded from the Industrial Strategy, Scotch Whisky producers want to see the UK government take more concerted action to reduce the tax and regulatory burden in our home market.' In 2024, GI products constituted about 25% of the UK food and drink exports, valued at over £6bn ($8.2bn) annually, according to Defra. In December, 39 British food and drinks products gained protected status in Japan. Last August, Scotch also received GI status in Brazil. At the time, the government said the decision in Brazil could generate £25m for the industry over the next five years. Apart from combating counterfeit products, it would boost global recognition £and and intellectual property" for Scotch in Brazil's market. In May, India and the UK signed a trade deal reducing tariffs on whisky, gin and soft drinks entering India. Whisky and gin tariffs will be halved to 75% from 150%, eventually falling to 40% by 'year ten' of the deal. India remains the largest export market by volume for Scotch whisky, with over 192 million bottles exported in 2024, a 14.6% increase from the previous year. In terms of value, India ranked fifth for Scotch whisky exports in 2024, with £248m worth of exports sent there last year, up 13.8% on 2023. This embedded content is not available in your region. In 2024, global exports of Scotch whisky declined in value but an increase in volume. Exports by value reached £5.4bn, marking a 3.7% decrease from 2023, according to the data released by Scotch Whisky Association (SWA) in February. The Asia-Pacific region was the largest market by value for Scotch exports, amounting to £1.57bn, with notable growth in India and Japan. "Argentina awards GI status to Scotch" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
