Exports to Britain grew by 19 per cent to €1.6 billion in May compared with the same month last year, new data from the Central Statistics Office shows.
Grant Thornton Ireland director in tax Janette Maxwell said the figures indicate that the British market “continues to heavily rely on the Irish market for sourcing its supplies”.
Exports to Britain accounted for 10 per cent of the State’s total exports in the month. The products which accounted for the largest share of exports were chemicals and related products at €700 million, as well as food and live animals at €339 million.
Imports from Britain fell by 34 per cent to €1.3 billion in May compared with the same month last year, with the largest decrease in the imports of mineral fuels, lubricants and related materials, which fell by 53 per cent. Ms Maxwell described this as “a sharp decline”.
Imports from Britain accounted for 11 per cent of the total value of imports. Mineral fuels, lubricants and related materials were valued at €298 million, while imports of chemicals and related products accounted for €297 million.
Overall the State’s unadjusted goods exports were €16.7 billion in the month, which represented a decrease of €1.2 billion, or 7 per cent, compared with May last year. The value of goods exports for the period January to May was down by €4.8 billion, or 6 per cent, to €82.5 billion, when compared with the same period of 2022.
The unadjusted value of goods imports decreased by €1.6 billion, or 12 per cent, to €11.6 billion in May compared with May 2022. The value of goods imports for the first five months of 2023 increased by €2.8 billion, or 5 per cent, to €57.8 billion when compared with the same period of 2022.
When adjusting for seasonal effects, goods exports fell by €424 million, or 3 per cent, to €15.8 billion in May compared with April.
Seasonally adjusted goods imports fell by €562 million, or 5 per cent, to €11.3 billion leading to an increase of €138 million, or 3 per cent, in the seasonally adjusted trade surplus to €4.5 billion in May compared with April.
Seasonal adjustment compares month-to-month data by removing fluctuations that may occur due to seasonal patterns in trade.
The EU accounted for almost €7 billion (42 per cent) of total goods exports in May, of which €1.8 billion went to Germany; €1.5 billion went to the Netherlands; and €1.3 billion went to Belgium.
The USA was the main non-EU destination accounting for €4.2 billion (25 per cent) of total exports.
Exports of medical and pharmaceutical products decreased by €595 million, or 8 per cent, to €6.5 billion in May compared with May 2022. This represented 39 per cent of total exports.
Exports of electrical machinery, apparatus and appliances fell by €453 million, or 36 per cent, to €795 million.
