Irish exports climbed 23% in January

Data suggests exports continue to be buoyed by multinationals

Exports rose by €3.1bn to almost €16.5bn, with medical and pharmaceutical products and electrical machinery accounting for the lion's share of the increase, CSO figures show. Picture: David Creedon

The value of Irish goods exports climbed 23% in January from a year earlier, suggesting the economy was performing before the onset of war in Ukraine. 

Exports rose by €3.1bn to almost €16.5bn, with medical and pharmaceutical products and electrical machinery accounting for the lion's share of the increase, the new CSO figures show.   

That suggests the exports continue to be buoyed by multinationals. The amount of tax revenues the Government collected in corporation tax from the multinationals has climbed in the last two years.          

All-Ireland economy

The figures also point to a further boost for the all-Ireland economy. Exports to the North rose 50% to €322m in January from January 2021, while imports rose 36% to €300m. 

Trade figures across the Irish Sea are also closely watched since Britain formally exited the EU at the start of last year. Under the UK-EU agreement, the North remains in the EU single market.

The CSO figures show exports from the Republic to Britain rose to €1.4bn in January, up 48% from January 2021, while imports climbed 144% to almost €1.8bn. 

EU countries accounted for almost 40% of all exports in January, according to the CSO figures. Germany and Belgium account for a significant share of the exports to the EU. The US accounted for 33% of all exports in the month.