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Fuel costs push up imports in June but exports rise 3 billion euros – CSO data

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Irish exports of goods rose by €2.8bn year on year to €17.5bn in June, with manufactured goods accounting for 92 per cent of the total.

agricultural goods accounted for 6 percent, the central statistics office said on Monday.

Imports increased by the same amount to €12.7 billion, driven by purchases of chemicals and fuels. The value of fuel imports doubled in June compared to June 2021 to just over EUR 1 billion.

Goods imports from the UK continue to recover post-Brexit, although much of the gain in value can also be attributed to rising fuel prices.

Imports from England, Scotland and Wales increased by 54 percent to 2.2 billion euros in June compared to June 2021.

The value of mineral fuel imports from the UK almost doubled in June to €488 million from €259 million in June 2021.

It more than tripled from just over €1 billion in the first six months of 2021 to €3.5 billion in January-June 2022.

Total UK imports of goods rose 72 percent to €11.4 billion in the six months to June compared to the first six months of 2021.

The EU-UK trade deal came into force in January 2021.

Brexit has led to a steady increase in cross-border trade on the island of Ireland, CSO figures show.

Imports from Northern Ireland rose 21 percent to €2.4 billion in the first six months of this year compared to the same period in 2021.

Irish exports of goods to Northern Ireland rose by 38 percent to 2.4 billion euros over the same period.

Irish exports to the UK reached 8.8 billion euros in the first half of this year, up 33 percent from the same period in 2021.

Exports to the UK rose 38 per cent to €1.9 billion in June compared to June 2021, with sales of chemicals leading the rise.

British imports accounted for 17 percent of total goods imports in June, the largest single source.

The EU accounted for the largest share at 29 percent, while the US came in at 14 percent. Northern Ireland imports accounted for 3 per cent of the total.

The US is Ireland’s largest single source of exports, accounting for 29 per cent of the total, although the majority (35 per cent) went to EU countries in June. Great Britain accounted for 11 per cent of the total and Northern Ireland’s share was 3 per cent.

https://www.independent.ie/business/brexit/fuel-costs-drive-imports-rise-in-june-but-exports-surge-by-3bn-cso-data-41912633.html Fuel costs push up imports in June but exports rise 3 billion euros – CSO data

Fry Electronics Team

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