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Irish exports to Britain rise by 63% in July to €1.9bn

Exports from Ireland to Britain grew by 63 per cent year on year in July 2023, as €1.9 billion in goods crossed the Irish Sea. Across the first seven months of 2023, exports to Britain increased by 15 per cent when compared with the same period of 2022, to a total of €11.4 billion.

Latest trade figures from the Central Statistics Office (CSO) show that €16 billion of goods were exported out of Ireland in July 2023, an increase of €1 billion on the same month in 2022.

At the same time, €11 billion of goods were imported in the month, an increase of €336 million on July 2022.

Between January and July of this year, €116.9 billion of goods were exported, down 3 per cent on the same period of 2022. Over the same period this year, €80.6 billion in goods have been imported, up 3 per cent year on year

Some 12 per cent of Ireland’s total exports in July were to Britain.

The products that saw the largest increase in exports to Britain were chemicals and related products at €999 million, up from €306 million in July 2022.

Meanwhile, imports from Britain in July reached €1.7 billion, or 15 per cent of the total value of Irish imports.

This was down 10 per cent on the €1.9 billion in goods imported from Britain in July 2022, with the largest decrease being in mineral fuels, lubricants and related materials, which fell by 25 per cent.

Exports to Northern Ireland reached €386 million in July, down 9 per cent on the €423 million exported a year earlier. Some €399 million in goods were imported from Northern Ireland in July, a decrease of 7 per cent year on year.

The European Union accounted for €6.7 billion (42 per cent) of total goods exports in July 2023, while the United States was the main non-EU destination accounting for €4.1 billion or 25 per cent of the total over the month.

The seasonally adjusted trade surplus, meaning the extent to which exports exceed imports, was €4.6 billion in July, a decrease of 17 per cent or €952 million compared to June 2023.

Exports of medical and pharmaceutical products increased by 22 per cent in July 2023 compared with the same month last year, reaching €7.1 billion and accounting for 44 per cent of total exports.

In terms of imports, €2.6 billion in organic chemicals were imported in the month, a 49 per cent rise on July 2022.

Ellen O’Regan © Irish Times 2023