Irish goods exports surpass value of last year’s total in first 10 months of 2022

The State exported more goods in the first 10 months of 2022 than it did in all of last year, the Central Statistics Office (CSO) said on Thursday.

The latest unadjusted figures show goods exports arrived at a value of €17.6 billion in the month of October, which was €2.6 billion or 18 per cent higher than the level seen in October 2021.

The value of goods exports is now running 29 per cent higher for the first 10 months of this year compared to last.

“Exports for January to October 2022 were more than €176 billion. This value already exceeds the total exports for the year 2021 of €165 billion,” said Ciarán Counihan, a statistician in the CSO’s international trade in goods division.

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Unadjusted goods imports in October were €12.6 billion, up €3.6 billion or 40 per cent on the figure recorded in the same month last year, while for the first 10 months, imports are running 42 per cent higher.

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Exports from the Republic to Northern Ireland increased €99 million or 29 per cent year-on-year in October to €434 million, but imports from Northern Ireland fell €60 million or 13 per cent compared to October 2021, with a value of €388 million.

For the first 10 months of the year, however, imports from Northern Ireland are up 26 per cent – or a sum of €893 million – on the level seen in 2021, coming in at almost €4.27 billion for the 10 months. Exports to the North are up 34 per cent for the January-October period, exceeding €4 billion – more than €1 billion higher than in the first 10 months of 2021.

Goods exports to Britain were €1.6 billion in October 2022, while imports from Britain arrived at €2.8 billion in value.

October saw exports to Britain jump 52 per cent year-on-year, while imports from Britain were 88 per cent higher than they had been in the same month last year, the figure driven by increases in the imports of mineral fuels, chemicals and related products.

Trade with Britain represents 9 per cent of the State’s total goods exports and 22 per cent of total goods imports.

The EU accounted for €6.59 billion or 27 per cent of total goods exports in October, of which €1.7 billion went to Belgium, €1.6 billion went to Germany and €1.1 billion went to the Netherlands.

The US was the main non-EU destination, accounting for €5.3 billion or 30 per cent of total goods exports in October.

Exports of medical and pharma products rose 3 per cent or by €184 million to €6.55 billion in October compared with October 2021. This sector represented 37 per cent of total exports.

Organic chemical exports were up 52 per cent or by €1.1 billion year-on-year to €3.27 billion. Exports of electrical machinery, apparatus, appliances and parts increased 23 per cent or by €243 million to just under €1.3 billion, while exports of food and live animals rose by €173 million or 16 per cent to €1.27 billion.

Seasonally adjusted exports fell by €537 million or 3 per cent in the month to €18.3 billion, compared to September, according to preliminary figures, while seasonally adjusted imports decreased €671 million or 5 per cent to €12.6 billion. This led to an increase of €134 million or 2 per cent in the seasonally adjusted trade surplus to almost €5.68 billion.