CSO: Exports down 3% in November to €16.5bn, imports up
Exports of goods from Ireland fell by 3% or almost €600 million in November 2023 when compared to the same time the previous year.
In total, goods valued at just over €16.5 billion were exported during the month, down almost €2bn on the previous month, the latest figures from the Central Statistics Office show.
When you compare the first eleven months of 2023 with the same period in 2022, exports of goods were down 5%, while exports for that period hit €183 billion.
Today’s figures show exports to Great Britain grew by 11% to €1.7 billion last November when compared to the same time the previous year. The largest increase of 36% was in the export of Chemicals & Related Products.
The EU accounted for 42% of total goods exports in November, of which €2.1bn went to Germany, €1.3bn went to the Netherlands and €1.2bn went to Belgium.
The USA was the main non-EU destination accounting for €4bn or 25% of total exports in November 2023.
Exports of Medical & Pharmaceutical Products increased by 2% or €123 million to €6.9bn compared with November 2022. This represented 42% of total exports.
Exports of Organic Chemicals dropped by 25% to €1.7bn, while exports of Electrical Machinery, Apparatus & Appliances fell by 28% to €756 million.
Carol Lynch, Partner in the BDO Customs and International Trade Services department, said larger declines in certain sectors are largely driven by reductions in global trade, especially in organic chemicals and related products exported to the US, along with a continued reduction in exports of semiconductors to China.
“The organic chemicals sector, crucial in vaccine manufacturing, is contracting as we know with the reduction in global demand for Covid-19 vaccines decreases,” Ms Lynch explained.
“However, there is strong potential for growth with large new inward investment projects in process,” she added.
Meanwhile, today’s data shows that imports increased by €239 million in November 2023 to €12.4 billion.
When you compare the first eleven months of 2023 with the same period in 2022, the value of imports fell by 2%.
Imports from Great Britain fell by 25% to €1.5 billion in November 2023 when compared with November 2022. The largest drop was in the import of Mineral Fuels, Lubricants & Related Materials which were down by 56%.
“It is likely that Brexit is still having repercussions three years on,” said Janette Maxwell, Director in Tax at Grant Thornton Ireland.
“With the inevitable additional delays and customs checks arising on acquiring goods from a non-EU country, it is no surprise that Irish traders are looking at alternative EU markets,” she added.
Overall, imports of Organic Chemicals increased by 196% to €2.1bn in November 2023 compared with November 2022, while imports of Mineral Fuels, Lubricants & Related Materials dropped by 30% to €718 million, and imports of other transport equipment, including aircraft fell by 30% to €1.1bn.
Article Source – CSO: Exports down 3% in November to €16.5bn, imports up – RTE
