The July CSO figures have shown that the value of exports from Ireland decreased by €736 million (-5%) in July 2021 when compared to July 2020. This was mainly due to a substantial decrease in the export of organic chemicals, medical and pharmaceutical products.
Great Britain remains an important player in Ireland's export market and this is evidenced by the fact that exports to Great Britain increased by €567 million in July 2021 compared to July 2020. The total value of exports to Great Britain has increased by 26% in the first seven months in 2021. However, the previous over-reliance on the British market is no longer the case, given that exports to Great Britain accounted for 7% of overall exports from Ireland which demonstrates that the Irish market is continually sourcing new markets for its products.
The July CSO figures for the import and export of goods have confirmed that there has been a significant increase in cross border trade on the island of Ireland in 2021 following Brexit. This is due in part to businesses adjusting their supply chains to avoid the administrative burden associated with importing goods from Britain. Trade within the island of Ireland has continued to grow with imports from Northern Ireland up by 60% (€800 million) in the first seven months of 2021 when compared to the same period for 2020. Exports to Northern Ireland have grown by 45% (€592 million) for the same period.