Exports Hit Record Highs Despite Fall In Trade With The UK
The value of goods exports rose by 15% in 2018 to a record €140.8 billion, despite a 3% drop in exports to the UK - its second annual drop in three years.
The €500 million drop in trade to the UK was offset by increases to all of Ireland’s other major trade partners, such as the EU and the US.
The EU accounted for €70.9 billion, 50%, of Ireland’s total exports in 2018, an increase of €8 billion or 13% on 2017.
Exports to non-EU countries were valued at €69.9 billion in 2018, which is an increase of €10 billion or 17% on the 2017 level of exports.
The USA was the largest export destination in 2018, accounting for €39.1 billion or 28% of total exports.
Imports in 2018 also grew to a record level, increasing by 14% to €90.1 billion compared with 2017.
Imports from the UK rose by 5% in 2018 to €18.3 billion when compared with 2017, resulting in a trade deficit of €4,221 million with Great Britain in 2018.
The exports of Food and live animals fell marginally in 2018, dropping by 2.3% to €11.1 billion. Imports for the category rose by almost 8% to €7.8 billion.
Beverages and tobacco exports rose in 2018 to €1.4 billion, a 5% jump on 2017. Imports for the category fell marginally by 1.1% to €897 million.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.