Exports of goods have already surpassed last year’s record – CSO

Exports of goods already surpassed the previous year’s record in October, driven by chemicals and pharmaceutical products, as figures from the Central Statistical Office show.

Exports grew in value by almost a third (29 percent) – or €39 billion – reaching €176.5 billion between January and October, more than in the full year of the previous year.

Goods exports were estimated at 165 billion euros for 2021.

Exports of chemicals and pharmaceuticals rose 75 percent to 114.5 billion euros in the 10 months to October, CSO data shows.

Exports to Northern Ireland have seen the largest percentage change so far this year, rising 34 per cent.

But the EU and the US are still by far Ireland’s largest goods export markets. Exports to the EU rose 33 percent in the 10 months to October, while sales of goods to the US rose 23 percent.

Imports have also increased significantly this year.

Goods imports increased in the first 10 months of this year by 42 percent or 35 billion euros to 116.8 billion euros.

The value of chemicals, fuels, oils and fertilizers has skyrocketed in the year to October compared to the same period in 2021.

The value of oil imports more than doubled, while the value of natural gas imports quadrupled from January to October.

Grain, feed and dairy imports also increased significantly in the year to October compared to the same period in 2021.

Goods from the UK rose 69 per cent in value between January and October, mainly due to fuel costs.

Imports from the rest of the world – outside the EU, US and UK – increased by 56 per cent and accounted for the largest share of imports.

In monthly terms, unadjusted goods exports amounted to €17.6 billion in October, 18 percent more than in October last year. Imports amounted to 12.6 billion euros, up 40 percent compared to October 2021.

Month-on-month between September and October, exports fell 3 percent while imports fell 5 percent, meaning there was still a trade surplus.

The Economic and Social Research Council said in a report today that pharmaceutical exports would help carry Ireland’s economy through next year’s global slowdown.

The tánaiste, Leo Varadkar, said this week that the life sciences sector is more likely to drive job growth than technology in 2023.

https://www.independent.ie/business/irish/goods-exports-have-already-beaten-last-years-record-cso-42221438.html Exports of goods have already surpassed last year’s record – CSO

Fry Electronics Team

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