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Ireland with historic gains in exports: exports to Britain decreased, while exports to European countries increased

DUBLIN: Last year, the country exported goods worth €160 billion, which has been attested to as a history by the Central Statistics Office.

Despite the global economic slowdown caused by the COVID-19, Ireland’s total exports increased by 5% compared to 2019. The medical and pharmaceutical sectors are responsible for this excellent results, accounting for about 40% of Irish exports. EU countries saw a huge increase as exports to Britain fell. In addition, Ireland gained in exports to the United States.

Exports from the medical and pharmaceutical sectors grew by 25% last year. In 2020, exports increased by €12.5 billion to €62 billion. Biochemicals are another important major export. At the same time, food and live animal exports fell by €266 million compared to 2019. Exports totaled €11.5 billion last year.

Enterprise Ireland estimates that this is a consequence of the fact that there are more production units in different regions and Ireland has become a European hub for companies from different countries, and the same trend will continue in the coming years.

Imports declined

Imports in 2020 was €85.3, fell by €5.5 billion (6%). Other transport equipment, including aircraft, accounted for 15% of imports. Petroleum imports fell by 40%.

Britain and Ireland

Exports to the UK fell by 9% last year. Exports to the UK stood at €12.4 billion. This is 8% of Ireland’s total exports in 2020. Imports from the UK continued to decline by 5% year-on-year last year. Goods from the UK accounted for 21% of total imports in 2020.

Germany and Belgium

Last year, 40% of Ireland’s exports went to EU countries. This is an increase of 13% over 2019. Of the 27 countries in the European Union, Belgium and Germany became popular destinations for Irish exports last year. In 2020, the European Union imported €30.3 billion. This is 36% of the total imports, the CSO said. At the same time, this is 9% less than in 2019, the report said.

US exports increased

Exports to countries other than the EU and the UK stood at €82 billion last year. This is an increase of 3% compared to 2019. The United States was the largest export destination in 2020. Revenue from this amounted to €49.8 billion, or 31% of exports.

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