HomeBussinessGoods exports up 10pc in first five months of the year

Goods exports up 10pc in first five months of the year

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The export of goods from January to May this year stood at almost €91bn, the CSO reported.

The largest volume of exports by products came from the medical and pharma industries in May.

Exports of medical and pharmaceutical products jumped 21pc year-on-year to €7.8bn across the month, accounting for 44pc of total exports.

Organic chemicals exports plummeted 28pc to €1.7bn in the same period, while exports of electrical machinery, apparatus and appliances rose 28pc to €1.1bn.

The newly published data also showed that exports to Britain were €1.3bn in May, accounting for 7pc of the total.

Food and live animals represented the largest share of exports to this market, followed by machinery and transport equipment.

“The standout statistic from today’s CSO figures is that food and live animals have overtaken chemicals & related products as the largest export to the British market in May,” BDO partner Carol Lynch said.

“This can be attributed to the strength of the domestic food and agricultural economy and is particularly positive considering the increased import controls going into the UK.”

Exports to countries the European Union accounted for 39pc of the total in May. These exports were valued at €7.1bn.

Over €2bn worth of goods headed to the Netherlands, with €1.7bn going to Germany.

The CSO reported that exports to the United States were €5.6bn, or around 31pc of the total.

Overall, seasonally adjusted goods exports were €17.1bn in May, down 11pc from the prior month.

“Ireland relies on international markets for continued growth, and to create and sustain jobs across the country,” Grant Thornton tax director Janette Maxwell said.

She pointed to the fact that exports to the US have risen by €6.2 billion in the first five months of the year.

The report also revealed that goods imports dropped 10pc in the same period.

Unadjusted goods imports stood at €31.2bn in the quarter.

Seasonally adjusted goods imports for May were €10.4bn, down almost €2bn compared to the same month in 2023.

Imports of organic chemicals plunged 83pc year-on-year to €1.8bn, while imports of electrical machinery, apparatus and appliances rose by 19pc to €839m.

Imports from Britain, which represented 14pc of the total, were €1.5bn in May.

Overall, Ireland’s seasonally adjusted trade surplus was €7.1bn for the month, down 18pc from April.

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