Overall trade figures very positive in latest CSO export figures for July 2024
Overall trade figures very positive in latest CSO export figures for July 2024
Trade to US and EU particularly strong
Carol Lynch, Partner & Head of Customs and International Trade Services, featured in The Irish Independent with her commentary on latest update from CSO. Read Carol's full commentary below.
“July’s export figures showed very positive growth in exports, particularly to the US and EU markets.
Of particular note is the 43% increase in exports to the US when compared to July 2023. This is very significant increase and reflected in the strong FDI connections between Ireland and the USA.
However, this growth will need to be continually monitored as has the potential to be impacted by changes to the political environment in the US.
Conversely, there has been a fall 28% in exports to the United Kingdom in July 2024 when compared to the same period last year. This continues a trend of significant reduction in exports to the UK of Chemical and related products that we saw in June.
On the import side, the collapse in the value of imported organic chemicals in remarkable. In 2023 we imported €12.6bn worth of organic chemicals compared with €5.1 in 2024. This taken with the disappointing export figure may be indicative of a re-orientation of supply chain in this sector.
There has been much concern at EU level regarding overproduction and dumping of Chinese goods on the EU market. The value of Chinese goods being import to Ireland has increased by €100m in July relative to June. The aggregated figure for Chinese imports into the EU will be monitored carefully by the Commission in the coming months as trade tensions increase between the EU and China.”