Irish exports of goods are on track to surpass last year’s record, buoyed by the pharmaceutical sector

Irish exports are on track to surpass last year’s record, reaching almost 160 billion euros in the nine months to September.

Exports rose last year to €165 billion for the full year, a new high.

Data from the Central Statistics Office released on Tuesday also shows Ireland’s increasing reliance on the EU and US as export partners, while the proportion of Irish goods going to the UK shrank again in September.

The EU accounted for 40 percent of total goods exports in September and the US for 30 percent, while the UK’s share fell to 7 percent from 8 percent in August.

Fuel costs continue to drive up the value of goods imported into Ireland from the UK.

Exports to the UK – and to the UK as a whole, including Northern Ireland – have grown year on year, although they account for a smaller proportion of total exports.

Imports from the UK rose 41 per cent to just over €2 billion in September 2022 compared to the same month last year, with imports of mineral fuels totaling €718 million – although the figure was down slightly on August.

Exports to the UK totaled 1.4 billion euros in September, driven by chemicals and food.

Overall Irish trade in goods continued to boom in 2022.

Goods exports rose 30 percent to just over €159 billion in the nine months to September compared to the same period in 2021.

Medical and pharmaceutical goods accounted for the bulk of exports in September year-on-year, rising 20 percent to 6.5 billion euros, accounting for a third of the month’s total exports.

Chemical exports more than doubled in value to €4.2 billion, while food and livestock exports increased 40 percent to €1.6 billion.

The value of imported goods rose 42 percent to just over 104 billion euros compared to the first nine months of 2021, driven by transport equipment, including aircraft, as well as chemicals and fuels.

However, seasonally adjusted imports and exports declined in September compared to August.

Latest research from the Economic and Social Research Institute (ESRI) shows that Irish exports of goods to the UK have remained stable since Brexit, while imports have fallen by 40 per cent.

That contrasts with the rest of the EU, where trade to and from the UK has fallen by almost a fifth since 2015, according to ESRI.

https://www.independent.ie/business/brexit/irish-goods-exports-on-track-to-beat-last-years-record-driven-by-pharma-sector-42146243.html Irish exports of goods are on track to surpass last year’s record, buoyed by the pharmaceutical sector

Fry Electronics Team

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