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Scotland's £5 billion whisky business will survive and prosper despite the seismic economic shocks shaking world markets, according to the executive appointed to steer the industry through turbulent times.
Former diplomat Mark Kent, chief executive of the Scotch Whisky Association (SWA), has been in the job just four months but in addition to dealing with the significant fallout from Brexit, the Covid pandemic and crippling US trade tariffs, he is now grappling with soaring costs of transport and raw materials caused by the conflict in Ukraine and the resulting fuel price crisis.
However, Kent, 58, previously a UK ambassador to Argentina, Thailand and Vietnam, remains bullish despite the daunting challenges.
"The whisky business is resilient and has survived through world wars, recessions…and even prohibition," he said. "So, I am confident we can get through this one too."
Kent has reason to be optimistic as new figures indicate the industry is bouncing back as the world edges out of lockdown. Global exports of whisky grew to £4.51bn last year after falling by £1.1bn in 2020. In 2021, the value of exports was up 19% and the number of 70cl bottles exported also grew by 21% to the equivalent of £1.38bn.
It is still some way off the pre-pandemic heyday when revenue exports topped £5bn but Kent insists growth in emerging markets will help to fill the gaps.
Sales in the Asia Pacific region and Latin America last year increased by 21% and 71% respectively. Key new markets such as India, Brazil, and China also grew strongly. Kent said: "The challenges we are facing are...