In January, goods exports surged to €18.9 billion, marking a 22% increase from the same period in 2023, as per the latest Central Statistics Office data. This growth was primarily fueled by a substantial uptick in exports of medical and pharmaceutical products, which soared to nearly €9 billion, up 48% from January 2023, constituting 47.5% of all Irish exports for the month. Additionally, exports of electrical machinery and appliances rose by 18% to €805 million during the same period.
Exports to Britain totaled €1.5 billion, representing approximately 8% of the overall recorded exports, showing a 15.5% increase from January 2023. Chemicals comprised the largest share of exports to the British market, followed by food and live animals.
Meanwhile, the European Union accounted for €7 billion of Ireland’s total goods exports, comprising around 37% of the total. Notably, exports to Germany amounted to €2 billion, with €1.8 billion directed to the Netherlands.
Exports to the US surged by 72% compared to the previous year, reaching €4.3 billion. On the other hand, goods imports experienced a significant decline, dropping by 21% to €9.1 billion during the same period. The most notable reductions were observed in fuel imports, which plummeted by 56%, and organic chemical imports, which decreased by 40%.
As a result of these dynamics, Ireland’s trade surplus doubled to €8.8 billion for the month, up from €4.1 billion reported in December 2023.
Commenting on the data, BDO partner Carol Lynch noted a resurgence in Irish pharmaceutical exports, suggesting renewed activity in the sector. Grant Thornton tax director Janette Maxwell highlighted potential challenges posed by UK customs and sanitary requirements, anticipating a decline in exports of food and related products to Great Britain in the coming months.
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