March import-export results were as expected

Imports from Great Britain reduced by 31% in March. File Picture.  

The reduction in imports from Great Britain by 31% for March 2021 compared to March 2020 is largely due to decreased agricultural imports, said Jarlath O’Keefe, partner in indirect taxes at Grant Thornton Ireland.

He said this trend is not surprising in light of additional costs and restrictions for Irish businesses importing such products, compared to the relative administrative ease and economic viability of sourcing them on the island of Ireland or from other EU states.

While imports from GB reduced, overall imports increased 30% in March year-on-year. 

This confirmed that Irish businesses are adjusting their supply chains to source products, said the Grant Thornton Ireland expert.

The 17% decrease in overall exports in March 2021 compared to March 2020 was not unexpected either, because many businesses, in response to customer demand, increased exports in March 2020 ahead of the pandemic lockdown, said Mr O’Keefe.

He was commenting on the Central Statistics Office trade report which showed goods exports for March at €14,652 million, down 17% year-on-year, while imports increased 30% year-on-year, to €8,700m.