CSO data shows Ireland on track for record trade surplus

The container cargo vessel Samskip Express makes its way upriver to the Port of Cork container terminal at Tivoli. Exports from and imports to Ireland increased in the first 11 months of last year. Picture: Larry Cummins

Exports from Ireland in the first 11 months of last year reached €193bn, a 27% increase on the same period in 2021, new figures from the Central Statistics Office (CSO) show.

During the same period, imports into Ireland increased by 39% to €129bn. 

Medical and pharmaceutical products make up Ireland's largest export commodity at 39% and exports increased by €569m or 9% in November. There was a sharp increase in fuels imports, rising 40% to €1bn in November.

The EU remains Ireland's largest export market and accounted for €6.6bn (38%) of total goods exports in November, of which €1.7bn went to the Netherlands, €1.4bn went to Belgium, and €1.2bn went to Germany.

Exports to Britain

Exports to Britain were €1.6bn (9%) of total exports which included chemicals and related products valued at €571m and food and live animals at €364m. The US was the main non-EU destination accounting for €5.2bn (30%) of total exports in November.

Simon McKeever, chief executive of the Irish Exporters Association, said the figures show Ireland is on track for record exports for the year-end. 

"We believe Ireland is on track for another record trade surplus, standing at €65bn, up from last year’s figure of €60bn.

"Of note, we are seeing a steep increase in petroleum and gas imports which stands at €11.4bn for the year to date to November, the previous year this figure was 4.8bn — an increase of 238%," he said.

Janette Maxwell, director in tax at Grant Thornton Ireland, noted that exports from Ireland to Britain decreased by 6% to €1.6bn in November when compared with November 2021. 

"It will be interesting to monitor this trajectory over the coming months as this may be an indication of a declining trading relationship," she said.