Exports rise over 20% as imports from Britain slump

Exports rose by over 20 per cent or €2.5 billion to €14.7 billion on an annual basis in October, new figures show.

Newly published data from the Central Statistics Office (CSO) indicate exports were up 4 per cent or €633 million month-on-month to €14.87 million in October.

Imports rose €277 million or 3 per cent to €8.6 billion, leading to a trade surplus of €6.2 billion, an increase of 7 per cent or €406 million versus September.

The figures show exports rose 1 per cent to €136.2 billion in the first ten months of the year.

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Pharma goods continued to account for the lion’s share of exports. These were up 55 per cent or €2.26 billion to €6.36 billion on an annual basis. This is equivalent to 43 per cent of all exports.

Exports of electrical machinery, appliances and parts, jumped 26 per cent to €1.05 billion while professional, scientific and controlling apparatus exports, increased by 21 per cent to 637 million.

Exports to Britain rose by 4 per cent on an annual basis to €1.05 billion, equivalent to 7 per cent of total exports in October.

The value of goods exported to Britain in the January to October period rose 21 per cent o €11.6 billion.

Imports to the State rose by €1.1 billion on an annual basis in October to €8.08 billion, up 15 per cent via the previous year.

The value of goods imported during the first ten months of the year jumped 18 per cent to €81.1 billion.

Machinery

Imports of electrical machinery, rose 71 per cent to €631 million on an annual basis while petrol imports jumped 83 per cent to €374 million.

Imports from Britain were down 26 per cent to €1.48 billion over the year. The value of goods imported from the region during the first 10 months of 2021, fell 21 per cent.

Imports from Northern Ireland however rose by almost €3.3 billion in the January to October period to €3.27 billion. Exports to the norther increased 46 per cent to €2.9 billion.

As of October, the US accounted for 38 per cent of exports from the Republic. The EU represented 34 per cent of exports while Britain was at 7 per cent and Northern Ireland, at 2 per cent.