THE volume of Scotch whisky exports rose to a record 1.1 billion bottles last year, worth $4.9 billion. The value of exports has risen by over 40% since 2000 as more whiskies have gone upmarket and increased their prices. France, America and Spain are the largest markets, but the fastest growth is coming from South America. In Brazil whisky is a status symbol for the growing middle class (in the north-east of the country it is often drunk with coconut water over ice). In Venezuela bottles of whisky may be serving as both a store of value and as a diversion in an economy in deep trouble. Like other luxury-goods makers, the industry is eying India and China: spirits produced abroad account for less than 1% of the Chinese market. The challenge for Scotland's producers will be to ensure that China drinks Scotch instead of a local imitation, as has happened in whisky-mad Japan.