(TDB) - For the first time ever, the value of Single Malt Scotch exports have surpassed £1 billion, with the market rising by almost 12% in value during 2016.

Described as “the stand-out performer” by the Scotch Whisky Association (SWA), more than 113m bottles of Single Malt were exported last year, with volumes increasing by 10% and the value of these shipments rising 11.8% to reach a new record of £1.02bn.

Single Malt is rising faster than Scotch overall, with the market growing by 4% over the course of 2016 to total more than £4bn.

Although Single Malt now represents just 9.3% of all Scotch whisky exports, the category accounts for 26% of the total by value.

According to the SWA, the main source of sales growth for Single Malt exports was the US, which accounted for an additional £48m worth of shipments.

Meanwhile, the SWA pointed out that Scotch remained the biggest net contributor to the UK’s balance of trade in goods in 2016. Indeed, without the impact of Scotch Whisky, the UK trade in goods deficit would have been 2.8% larger at almost £139bn.