Imports from Britain fell sharply after Brexit; Exports also declined
DUBLIN: CSO reveals that imports from Britain have plummeted since Brexit. According to the CSO report, imports fell by 65% in January compared to the same month last year. Imports from the UK fell from €1.403 billion to €497 million euros. Exports to the UK also fell 14% to €946 million in January.
According to the CSO, a number of factors contributed to the significant decrease in imports from the UK in January. Among them were the challenges of complying with customs requirements, stockpiling goods in the fourth quarter of 2020 in preparation for Brexit, substituting products from other nations, and a decrease in trade volumes due to the effect of COVID-19-related restrictions during the month.
Seasonal goods fell by €907 million. Imports of food and live animals fell by 75% and petroleum and natural gas by 71%. Imports of chemicals, machinery and transport equipment fell by more than half. Goods exports increased by €188m (1%) on a seasonally adjusted basis. This resulted in an increase of €1.096 billion (21%). This led to a trade surplus of €6.418 billion in January 2021.
Exports to the European Union accounted for 34% of total exports in January. Exports to EU countries fell by 23% overall. The United States accounted for 37% of total exports in January. Switzerland with 12% and China with 8% were the main non-EU sources of imports.
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