Irish Exports to Great Britain: Export Growth and Future
In August, we saw a continued improvement in Irish exports to Great Britain, with the value of goods increasing by €1.3bn on a year-on-year basis. Exports of food and machinery have shown moderate growth whilst the export of chemicals and related products has increased by €1bn on an annualised basis.
Whilst trade with the UK has improved relative to the immediate aftermath of Brexit, traders need to be mindful of the border procedures that will be applied at the Great Britain border in early 2024. This will create friction, particularly for food exporters from Ireland to Great Britain, and it is important that Irish exporters continue preparing for this.
Fluctuations in Import Values: Indicators of Economic Shifts
The data shows a significant drop in the value of imports of mineral fuels, lubricants and related materials. This is indicative of the spike in the price of oil experienced in 2022 and its retreat during 2023.
Trade Data for Northern Ireland: Stability in Imports and Exports
The trade data for Northern Ireland shows that the values of both imports and exports are more or less stable year on year.
Chemical Exports and Changing Baselines: Shifts in Export
There has been a dramatic decrease in the value of chemicals and related products exported to the USA in the year to August 2023 relative to 2022. However, this trend may be slowing, as evidenced by the fact the value in exports of chemicals in August 2023 is the same as in August 2022.
This may indicate that in the aftermath of the COVID-19 pandemic when the export of pharmaceutical products rose dramatically, a new baseline for the export of chemicals from Ireland is being established.
Geopolitical Impact on Exports to China: Geopolitical Tensions and Export Trends
The export of Machinery and transport equipment to China has slumped by €3.2bn in the year to date. This may be a result of geopolitical tensions between the USA and China, particularly in the Semiconductors sector. The USA has placed restrictions on the export of some U.S. technology to China, and this looks to have had an impact on Irish export figures in 2023.
Carol’s expert analysis to the critical relevance of the latest changes in customs is being featured in national media.
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