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Trade Trends News
18-07-2023
The value of goods imported into Ireland from the UK fell by 34% to €1.3 billion in May compared to the previous 12 months, according to the Central Statistics Office (CSO).
Exports to the UK rose by 19% to €1.6 billion over the same period, according to figures released today.
According to the CSO, exports to the UK totaled 10% while imports from the UK totaled 11%.
Janet Maxwell, director of tax at Together Ireland, said the figures showed that "the UK market continues to rely heavily on the Irish market for supplies".
The largest fall in imports from the UK to Ireland was in the mineral fuels, lubricants and related materials sector, which fell 53% in value to €298 million.
The products that accounted for the largest share of exports to the UK in May were chemicals and related products, worth €700 million, and foodstuffs and live animals worth €339 million.
Merchandise exports to the EU totaled €6.9 billion, or 42%, in May, with €1.8 billion worth of goods going to Germany, €1.5 billion to the Netherlands and €1.3 billion to Belgium.
The US is the main non-EU destination, with exports worth €4.2 billion in May 2023, accounting for 25% of total exports.
Ireland exported goods worth €16.7 billion, €1.2 billion less than in May last year.
Imports of goods were valued at €11.6 billion in May, €1.6 billion or 12% lower than in May 2022.
Exports of goods fell by 6% and the value of imports increased by 5% in the first five months of 2023 compared with the same period in 2022.
Exports of medical and pharmaceutical products decreased by €595 million, or 39% of total exports, in May 2023 compared with the previous 12 months.
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