Exports To UK 10% Of All Exports, Rise In Trade With Other EU Markets
Exports to Great Britain accounted for 10% of total exports in August 2018, according to the latest figures from the Central Statistics Office.
It found that for the month, the most significant categories were Food and live animals (€322 million) and Chemicals and related products (€342 million).
Despite accounting for 10% of all exports, the value of exports still fell by 5% (€62 million), to €1.1 billion, compared to August 2017.
Exports from January to August also fell by 5% compared to the same period the year before, dropping by €496 million to just over €9 billion.
Imports from Great Britain comprised 20% of total imports in August 2018, with the largest categories of goods being Food and live animals (€263 million) and Machinery and transport equipment (€269 million).
Imports from Great Britain increased by €26 million (+2%) to €1.4 billion in August 2018 over August 2017.
Imports from Great Britain for the period January to August 2018 were €11.6 billion, an increase of €447 million (+4%) when compared with the first eight months of 2017.
Shifts In Trade
There was a greater dependency on the EU in August, with €4.8 billion worth of goods destined to EU countries apart from the UK.
For imports, €2.6 billion worth of goods arrived from EU markets excluding the UK.
From January to August, exports to the EU, excluding the UK was worth €35.8 billion, compared to €30.7 billion last year for the same period.
Imports for the 8-month period from the EU, excluding the UK, amounted to €22.6 billion, compared to €18.1 billion the year before.
This highlights the push to newer markets outside of the UK with the Brexit divorce date approaching and businesses none-the-wiser about how a deal, if any, will work out.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.