Irish goods exports rise 44% year on year in April

The State exported €17.7 billion worth of goods in April, up almost €5.4 billion or 44 per cent on April 2021, unadjusted figures published by the Central Statistics Office (CSO) show.

Unadjusted goods imports were €11.2 billion, up €3 billion or 36 per cent on the level of imports seen in the same month last year.

Exports of medical and pharma products surged 58 per cent, or by €2.6 billion, to €7.16 billion in April compared with April 2021. This represented 41 per cent of total exports.

Organic chemical exports soared by 84 per cent or by €1.4 billion year on year to exceed €3 billion, while exports of food and live animals increased by €223 million, a rise of 23 per cent, to almost €1.2 billion over the same period.

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April also saw an increase in exports of electrical machinery, apparatus, appliances and parts, which rose €263 million or 29 per cent to €1.16 billion.

On a seasonally adjusted basis, goods imports increased €1.3 billion or by 13 per cent to €11.6 billion in April compared to March 2022, according to preliminary figures.

Seasonally adjusted exports fell by €672 million, or 4 per cent, to €17.87 billion, leading to a 24 per cent or €2 billion decrease in the seasonally adjusted trade surplus to almost €6.3 billion in April.

Exports in the first four months of the year are now running 34 per cent higher than they were in the same period of 2021, while imports are up 33 per cent.

Imports from Britain were almost €2.1 billion in April, up 78 per cent or €909 million year on year, and are also running 78 per cent higher for the January-April period.

Exports to Britain were €1.57 billion in April, up 54 per cent or €553 million compared to April 2021. For the first four months of 2022, exports to Britain were running 33 per cent higher.

Trade with Britain represents 18 per cent of the State’s total imports and 9 per cent of total exports.

CSO statistician Ciarán Counihan said the large growth rate in imports from Britain was partly explained by the relatively low level seen in April 2021, which was just the fourth month that customs documentation was required following Brexit.

Imports from Northern Ireland increased €355 million, or 30 per cent, to €1.55 billion in the first four months of 2022 compared to the same period in 2021. Meanwhile, exports to Northern Ireland were €1.5 billion for this four-month period, up €435 million or 40 per cent on January-April 2021.

Janette Maxwell, director in tax at Grant Thornton Ireland, said the growth in imports from Britain was largely attributable to a rise in the amount of mineral fuels, chemicals and related products coming into the State.

“The primary cause of the rise in exports to Britain was an increase in the export of chemicals and related products, mineral fuels, lubricants, food and live animals,” she said.

“The EU accounted for 39 per cent of total goods exports in April 2022, which was an increase of 40 per cent when compared with April 2021. The US was the main non-EU destination accounting for 31 per cent of total exports in April 2022,” Ms Maxwell said.

“The EU accounted for 32 per cent of total goods imports in April 2022 which reflected an increase of 29 per cent when compared with April 2021. The UK remains a key trading partner, accounting for 21 per cent of all non-EU imports into Ireland.”