Exports totalled £3.95 billion, a drop from £4.26 billion in 2013, after significant declines in Scotch drinking in important markets such as the US and China.
Volumes exported also dropped 3% to 1.19 billion 70cl bottles.
Growth came in various pockets across the globe, including France, Spain, India, Thailand and Japan.
But exports the USA, the biggest market for Scotch, fell 9% by value to £748m, while the ongoing austerity campaign in China caused falling sales there and in Singapore.
David Frost, Scotch Whisky Association chief executive, said: “Economic and political factors in some important markets held back Scotch Whisky exports in 2014 after a decade of strong growth. It shows that the industry’s success cannot be taken for granted and that we must continue to argue for more open markets and ambitious trade deals that tackle barriers to market access.
“The long-term fundamentals remain strong, with consumers in emerging markets wanting to buy Scotch Whisky as a high-quality and authentic product with a strong reputation and clear provenance. This drives the strong investment in Scotch Whisky production in Scotland and the significant interest in entering the sector.”