Irish exports of goods increased by 8 per cent in the first eight months of 2024 compared with the same period last year, reaching a value of more than €143 billion, new data from the Central Statistics Office (CSO) shows.
Chemicals and related products increased by €6 billion and made up almost two-thirds of the value of exports.
Seasonally adjusted exports were valued at €17.8 billion in August, which represented an increase of €328 million when compared with July.
Imports fell by almost €4 billion in the period in the first eight months of the year.
Your work questions answered: Can bonuses be deducted pro-rata during a maternity leave?
Palantir, company at centre of row surrounding TD Eoin Hayes, is no stranger to controversy at home or abroad
Tips for avoiding a January credit-card hangover
Can I work for my foreign employer from my home in Ireland?
The unadjusted imports for August were valued at €11.2 billion, which represented an increase of 8 per cent compared with the same month last year. Seasonally adjusted imports were €12.3 billion in the month.
Then data shows a decrease of €119 million, or 2 per cent, in the seasonally adjusted trade surplus to €5.5 billion in August compared with July.
Exports to Britain were €1.2 billion in August, which was 7 per cent of the total, but down €74 million, or 6 per cent, on August last year.
Janette Maxwell, director in tax at Grant Thornton, said the 2024 changes to Ireland and UK trading arrangements relating to customs and sanitary and phytosanitary introduced “new complexity and cost” for Irish firms exporting to the UK.
“This can be seen from the latest CSO figures which show that exports to Britain were €1.2 billion, a decrease of €74 million when compared with August 2023,” she said.
“This is particularly true for the agri-food and wholesale and retail trade sectors where SMEs have a strong presence.
“The ultimate long-term economic implications of these changes will take time to fully materialise and it is positive that overall Ireland’s exports of goods increased by €10.3 billion in the first eight months of this year.”
Retail and hospitality in the firing line as Irish insolvencies ramp up
The products which accounted for the largest share of exports were food and live animals at €326 million, and machinery and transport equipment at €309 million.
The European Union (EU) accounted for €6.1 billion, or 35 per cent, of total goods exports in August, of which €1.5 million went to Germany; €1.5 million to Belgium; and €1.4 million to the Netherlands.
The USA was the main non-EU destination, accounting for €6.7 billion, or 38 per cent, of total exports in August.
Exports of medical and pharmaceutical products increased by €1.4 billion, or 20 per cent, to €8.2 billion in August compared with the same period last year, accounting for 47 per cent of total exports.
Exports of organic chemicals decreased by €160 million, or 10 per cent, to €1.5 billion. Exports of electrical machinery, apparatus and appliances grew by €402 million, or 64 per cent, to €1 billion.
Imports from Britain in August were €1.5 billion, which was 13 per cent of the total value of imports.
Imports of mineral fuels, lubricants and related materials were valued at €441 million, and imports of machinery and transport equipment accounted for €228 million.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
