Sun, 28 Feb 2021

Trade gap in Ireland widened in November, exports jump 17%

Conor Trindle
17 Jan 2021, 17:04 GMT+10

DUBLIN, Ireland - A major increase in the export of medical and pharmaceutical products has boosted Ireland's balance of trade.

Figures for November 2020, released by the CSO on Friday, revealed seasonally adjusted goods exports increased by €2,115 million (+17%) to €14,449 million in November 2020 compared with October 2020.

Seasonally adjusted goods imports increased by €1,494 million (+21%) to €8,454 million leading to an increase of €621 million (+12%) in the seasonally adjusted trade surplus to €5,995 million in November 2020 compared with the previous month.

Exports of Medical and pharmaceutical products accounted for nearly half of total exports in November

The (unadjusted) value of goods exports for November 2020 was €14,624 million representing an increase of €1,783 million (+14%) when compared with November 2019. The value of goods exports for the period January to November 2020 was €149,051 million, an increase of €8,209 million (+6%) when compared with the first eleven months of 2019.

Exports of Medical and pharmaceutical products increased by €2,949 million (+74%) to €6,948 million, accounting for 48% of the total value of exports.

Exports of Organic chemicals however decreased by €317 million (-14%) to €1,946 million in November 2020 compared with November 2019.

Exports of Office machines and automatic data processing machines decreased by €152 million (-27%) to €407 million over the same comparative period.

Imports increased by €750 million in November compared with November 2019

The (unadjusted) value of goods imports for November 2020 was €8,511 million, an increase of €749 million (+10%) when compared with November 2019. The value of goods imports for January to November 2020 was €76,918 million, which is a decrease of €5,466 million (-7%) compared with January to November of 2019.

Imports of Medical and pharmaceutical products increased by €471 million (+78%) to €1,072 million in November 2020 compared with November 2019.

Imports of Organic chemicals increased by €401 million (+139%) to €689 million.

Imports of Food and live animals increased by €90 million (+13%) to €755 million.

Imports of Petroleum decreased by €220 million (-52%) to €201 million in November 2020 compared with November 2019.

The value of goods imports for November 2020 excluding SITC 79 (Other transport equipment, including aircraft) was €6,981 million, an increase of €943 million (+16%) when compared with the corresponding November 2019 figure of €6,038 million.

Exports to Great Britain increased by €380 million in November

Exports to Great Britain increased by €382 million (+35%) to €1,459 million in November 2020 compared with November 2019. This is due to increases in the exports of Medical and pharmaceutical products. Exports to Great Britain accounted for 10% of the total value of exports.

The value of goods exports to Great Britain in the first eleven months of 2020 was €11,383 million, a decrease of €1,076 million (-9%) compared with January to November of 2019.

Imports from Great Britain in November 2020 increased by €282 million (+18%) to €1,879 million compared with November 2019. Imports from Great Britain were 22% of the value of total imports in November 2020.

The value of goods imports from Great Britain for January to November 2020 was €16,321 million, a decrease of €575 million (-3%) compared with the first eleven months of 2019.

Geographic breakdown of goods exports and imports

The EU accounted for €5,884 million (40%) of total goods exports in November 2020 of which €1,917 million went to Belgium, €1,258 million went to Germany and €872 million went to the Netherlands. Total EU exports in November increased by €1,358 million (+30%) compared with November 2019. As the UK had exited the EU on January 31st 2020, this data compares EU trade excluding the UK for both periods for comparative purposes.

The USA was the main non-EU destination accounting for €4,438 million (30%) of total exports in November 2020.

The EU accounted for €3,021 million (36%) of total goods imports in November 2020, which is an increase of €207 million (+7%) compared with November 2019.

The USA with €1,016 million (12%), and China with €589 million (7%) were the other main non-EU sources of imports.

Exports by industrial origin and Imports by main use

Industrial produce accounted for €13,721 million (94%) of total exports in November 2020. This is an increase of €1,738 million (+15%) when compared with November 2019. There was €5,575 million of this exported to the EU, and €4,407 million to the USA. Agricultural produce accounted for €745 million (5%) of total exports.

More Dublin News

Access More

Sign up for Dublin News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!