Jarlath O'Keefe
15 Mar 2022
The CSO has released its Import/Export figures for January 2022 and it reflects very strong trading numbers with a 23% growth in exports compared to January 2021. Not unexpectedly the most significant growth in the export of medical and pharmaceutical products which accounted for 44% of the total value of exports. Import figures for the same period increased by 41% or €2.6 billion. Increased imports of electrical machinery/equipment and mineral fuels accounted for 37% of the overall increase.
Imports from China accounted for 10% of our total imports for January 2022. While it is possibly too early to see a trend emerging this is a 40% increase in imports from China in January 2022 when compared to January 2021.
In a recent Grant Thornton International Business report, Irish businesses identified the UK as the main territory for revenue growth in 2022, indicating that despite the red tape and additional paperwork associated with Brexit, the UK will remain a key market for Irish businesses. This finding was reflected in the value of exports to Great Britain in January 2022 which were €1,406 million, an increase of €458 million (+48%) compared with January 2021.
