Value of Irish exports rose by €800m in May, CSO figures show

The value of Irish goods exports rose by €800 million in May, according to the Central Statistics Office (CSO).

The agency’s latest trade numbers show goods exports rose by 6 per cent to €13.7 billion during the month on the back of increased exports of electrical machinery and organic chemicals.

Goods imports, meanwhile, increased by 4 per cent to €8.6 billion on the back of growth in imports of electrical machinery and organic chemicals.

This gave rise to a seasonally adjusted trade surplus of €5 billion in May, 10 per cent up on the previous month.

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The latest figures show Brexit continues to see an increased level of trade between the Republic and the North as more companies use the North to bypass customs checks.

The figures show the value of goods imported from Northern Ireland to the Republic increased by 60 per cent to €1.4 billion during the first four months of 2021.

The value of exports from the Republic to the North was up by 40 per cent to €1.2 million over the same period.

Protocol

Under the Northern Ireland protocol, trade in goods with Britain is subject to customs checks. However, while Northern Ireland remains within the customs territory of the UK, it is simultaneously within the EU single market for the movement of goods. This means goods moving between Northern Ireland and the Republic are not subject to customs checks.

The value of goods exports to Britain from the Republic in the first five months of 2021 was €5.3 billion, an increase of €553 million (12 per cent) on the first five months of 2020. The CSO said exports to Britain accounted for 9 per cent of total exports.

The EU accounted for just over €5.5 billion or 40 per cent of total goods exports in May, of which €1.8 billion went to Germany and €1.25 billion went to Belgium, a large pharmaceuticals centre.

The US was the main non-EU destination accounting for €3.9 billion (29 per cent) of total exports in May.