All-Ireland economy grows and EU trade booms in early 2023

Goods exports from the Republic to European Union countries climbed to €14.3bn in the opening two months of the year, up 14% from the same period last year, CSO figures show

The resilience of Irish goods exports in the face of the cost-of-living-crisis is in part explained by the huge amount of medical and pharmaceutical products that are exported. Picture: David Creedon

The all-Ireland economy continues to strengthen and trade with continental Europe continues to boom as exporters and importers adapt to Brexit and the inflation crisis, figures from the Central Statistics Office suggest. 

Exports in February 2023 were over €16 billionhttps://t.co/edOGTDRQAa#CSOIreland #Ireland #Trade #IrishTrade #Exports #Imports #Businessstatistics #IrishBusiness #BusinessNews #Brexit pic.twitter.com/FZPyaDll1W

— Central Statistics Office Ireland (@CSOIreland) April 18, 2023

Exports and imports across the Irish Sea to Britain also appear to be normalising following the huge disruption to trade flows from Brexit.

Exports to Britain in the first two months of the year rose 7%, in value or money terms, to €2.6bn, and imports were up 28% to €4.2bn over the same period.     

All-Ireland trade, which also got a huge lift in recent years following Brexit, has also strengthened. Goods imports from the North to the Republic rose 10% to almost €820m in the first two months, and exports from the Republic rose 1% to €715m in the same period. 

Overall, trade in goods is showing few effects from the fallout of the cost-of-living crisis that has weighed on growth in many European countries.      

Goods exports from the Republic to European Union countries climbed to €14.3bn in the opening two months of the year, up 14% from the same period last year, while imports surged 23% to over €6.7bn, the figures show. 

The resilience of Irish goods exports in the face of the cost-of-living-crisis is in part explained by the huge amount of medical and pharmaceutical products that are exported. They accounted in February for over a third of all the €16.5bn in exports that month.  

The Central Statistics Office unadjusted figures also show that by region, the EU accounted for 44% for all exports in February, the US accounted for a 25% share, and Britain accounted for a share of 8% in the month.