SUMMARY OF IRISH MERCHANDISE TRADE JAN-NOV 2022

Lots of statistics, but hopefully, it will provide a flavour for key trends in Irish merchandise trade.

One of the key drivers of Ireland’s strong export economic growth performance in 2022 was the vibrancy of the export sector of the economy. The merchandise export performance was incredibly strong in 2022. Just published CSO data show that in the first 11 months of the year the exports of goods expanded by 26.9 per cent to reach €193.7 billion.

On a geographic basis:

·       The EU-27 was the largest market, accounting for 38.5 per cent of total exports. Exports to the EU-27 expanded by 30.8 per cent.

·       The US accounted for 30.3 per cent of total exports and sales to that market expanded by 20.9 per cent.

·       Exports to Great Britain expanded by 20.9 per cent, and GB accounted for just 8.3 per cent of the total export market.

·       Exports to Northern Ireland expanded by 32.2 per cent and NI accounted for 2.3 per cent of the total export market.  

·       Exports to the Rest of the World expanded by 31.2 per cent, and it accounted for the remaining 20.6 per cent of the total export market. Within this geographic category, exports to China expanded by 19.6 per cent to reach €12.9 billion. China accounted for 6.7 per cent of total merchandise exports. This market is experiencing strong growth.

·       Ireland’s exports to Russia totalled €519 million and were 7.2 per cent down on the previous year; and imports from Russia totalled €€377 million and were 29.5 per cent lower than last year.

On a commodity basis, the dominance of the mainly foreign-owned Chemical and Pharmaceutical sector continues unabated. This has acted as a strong anchor for the economy since the beginning of Covid. The sector performed very strongly during the pandemic, and the indications to date are that it continues to perform strongly as the world emerges from the pandemic.

In summary:

·       Food and Live Animals accounted for 7 per cent of total exports and expanded by 22.2 per cent in the first 11 months of the year.

·       Chemicals and related products accounted for 64.4 per cent of total exports and expanded by 31.2 per cent. Within this category, Medical and Pharmaceutical Products accounted for 38.6 of total overall exports and Organic Chemicals accounted for 17.8 per cent of total overall exports.

·       Machinery and Transport Equipment accounted for 13.2 per cent of total exports and expanded by 11.9 per cent.

Any negative impact from Brexit is not apparent in Irish trade data, although trade has become logistically more difficult. However, the vibrant Irish export sector appears to be adjusting well.

In the first 11 months of the year, overall exports to Great Britain increased by 20.9 per cent and that market accounted for 8.3 per cent of total exports. Imports from Great Britain expanded by 64.7 per cent in the first 11 months of 2022 and Great Britain accounted for 17.3 per cent of total imports.

In terms of exports to Great Britain:

·       Chemicals and Related Products accounted for 39 per cent of total exports to GB and expanded by 30.2 per cent in the first 11 months of 2022.

·       Food and Live Animals accounted for 22.2 per cent of exports to GB and expanded by 13.8 per cent.

·       Machinery and Transport Equipment accounted for 14.4 per cent of exports to GB and expanded by 3 per cent.

In terms of imports from Great Britain:

·       Minerals, Fuels and Lubricants accounted for 31.9 per cent of total imports from GB and expanded by 204.4 per cent in the first 11 months of 2022.

·       Chemicals and Related Products accounted for 23.4 per cent of total imports from GB and expanded by 145.7 per cent in the first 11 months of 2022.

·       Food and Live Animals accounted for 9.2 per cent of total imports from GB and expanded by 13.5 per cent.

·       Machinery and Transport Equipment accounted for 14.8 per cent of total imports from GB and expanded by 4.5 per cent.