Exports increase by 10% in first five months of 2024

New figures from the Central Statistics Office show that exports of goods increased by 10% to almost €91 billion in the first five months of this year, while imports decreased by 10% during the same time.

The CSO said that chemicals and related products showed the largest changes in both cases.

Exports of these goods grew by €5.5 billion from January to May of this year compared with the same time in 2023, and imports of Chemicals & Related Products fell by €4.4 billion in the same time frame.

Today’s CSO’s preliminary figures also show that seasonally adjusted goods exports fell by 11% to €17.146m in May compared with April.

Seasonally adjusted goods imports decreased by 5% to €10.065 billion, which resulted in a fall of 18% in the seasonally adjusted trade surplus to €7.081 billion in May compared with April.

Today’s figures show that exports to Great Britain amounted to €1.288 billion in May, which was 7% of total exports for the month.

The products which accounted for the largest share of exports were Food & Live Animals with €370m worth of exports and Machinery & Transport Equipment at €297m.

Meanwhile, imports from Great Britain in May came to €1.478 billion, or 14% of the total value of imports.

Imports of Mineral Fuels, Lubricants & Related Products were valued at €350m, while imports of Chemicals & Related Products accounted for €257m and imports of Machinery & Transport Equipment were €253m.

The EU accounted for €7.068 billion or 39% of total goods exports in May, of which €2.133 billion went to the Netherlands, €1.707 billion went to Germany and €935m went to Belgium.

Today’s CSO figures also show that the US was the main non-EU destination accounting for €5.622 billion, or 31%, of total exports in May.