Jarlath O'Keefe
17 Jan 2022
The November CSO figures have shown that the value of exports from Ireland increased by €340 million (+2%) when compared with November 2020. Exports of Medical and pharmaceutical products decreased by €1,066 million (-15%) to €5,900 million in November 2021 compared with November 2020. This represented 39% of total exports. In terms of geographical breakdown 32% of exports went to the US, 36% to the EU, 11% to Britain, 2% to NI and 19% to the rest of the world.
Great Britain remains an important player in Ireland's export market and this is evidenced by the fact that exports to Great Britain in November 2021 were €1,697 million, an increase of €232 million (+16%) compared with November 2020. The main changes were increases in the exports of Chemicals and related products and Machinery and transport equipment, with a decrease in the exports of food and live animals. However, the previous over-reliance on the British market is no longer the case, given that exports to Great Britain accounted for 11% of overall exports from Ireland which demonstrates that the Irish market is continually sourcing new markets for its products. The value of goods imported from Great Britain for January to November 2021 was €12,501 million, a decrease of €3,272 million (-21%) compared with January to November 2020. The value of goods exports to Great Britain in the first eleven months of 2021 was €13,381 million, an increase of €2,271 million (+20%) on the first eleven months of 2020.
The CSO figures for November 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 first eleven months of 2021 increased by €1,440 million (+64%) to €3,679 million when compared with January to November 2020. Exports to Northern Ireland were €3,305 million in the period January to November 2021, an increase of €1,078 million (+48%) on the same period in 2020.
