State exports €51bn of goods in first quarter as trade continues to boom

The value of Irish goods exports came to €18.8 billion in March with exports of medical and pharmaceutical products accounting for nearly 40 per cent of the total, the latest trade numbers show.

While this was down on same period last year, it was strong in historical terms and reflects the ongoing strength of Irish exports. The figures show exports for the first quarter of the year totalled nearly €51 billion.

Exports of medical and pharmaceutical products fell by almost €2 billion (22 per cent) to €7.2 billion compared with March 2022. However, the Central Statistics Office, which collates the figures, said this represented 38 per cent of total exports for the period.

The State is a global hub for pharma and medtech, playing host to 24 of the top 25 players, including Pfizer, Johnson & Johnson, Roche, Novartis and AbbVie. These companies have continued to trade strongly despite the international headwinds.

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Irish goods imports for March amounted to €11.2 billion. In seasonally adjusted terms, the State’s trade surplus was €6.6 billion.

Exports to Britain were €1.75 billion, which was 9 per cent of total exports in March, the CSO said. The products which accounted for the largest share of exports were chemicals and related products at €737 million and food and live animals with €358 million.

The UK is due to introduce new import controls on goods coming in from the EU in September, a plan that has been deferred several times and which threatens to impose additional Brexit barriers to trade.

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The latest figures show imports from Britain in March were worth €1.5 billion, which was 13 per cent of the total value of imports.

The EU accounted for €7.3 billion (39 per ent) of total Irish goods exports in March, of which just under €2 billion went to Germany, €1.3 billion went to the Netherlands and €1.27 million went to Belgium. The US was the main non-EU destination accounting for €5.6 billion (30 per cent) of total exports in March.

[ Irish goods exports rise 10% to €17.2bn in February ]

Robert Purdue, foreign exchange dealer with Ebury Partners Ireland, said: “Exports for the first quarter of the year totalled nearly €51 billion and continue to provide a significant boost to the Irish economy. Once more chemicals continue to be the driver of exports and machinery the nation’s primary import.”

“With a new trading relationship bedding in with Great Britain following the announcement of the Windsor Framework there should be further optimism within Ireland relating to the ease of import and export with the UK,” he said.

“The energy market has also calmed in 2023 following a mild winter and high storage levels which should reduce some of the trading volatility created by the surge in energy prices following the Russian invasion of Ukraine,” he said.