Press release
Tánaiste and Minister Troy welcome trade results
From Department of Enterprise, Trade and Employment
Published on
Last updated on
From Department of Enterprise, Trade and Employment
Published on
Last updated on
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, and the Minister of State with responsibility for Trade Promotion, Digital and Company Regulation, Robert Troy, welcomed preliminary goods exports results from the Central Statistics Office which show the value of Ireland’s good exports for May 2022 reached €18 billion, an increase of over a third compared to the same month last year.
The value of goods exports January to May this year, also increased by a third, when compared with the first 5 months of 2021.
The Tánaiste said:
"Our trade with other countries is what underpins our entire economic model. It’s what has given us our rising living standards over the years, creating thousands of jobs here and allowing us to invest in vital services.
"Today’s figures, which show that our goods exports have risen by over a third, are incredible. They demonstrate the strength and resilience of our export-led businesses, which have managed to surpass themselves on the year to May, on last year, even when faced with ongoing uncertainty with Putin’s war on Ukraine and the challenges still posed by Brexit and COVID.
"This year is shaping up to be a record-breaking year but we must not take it for granted. We have to work hard to protect our progress and strive for growth every single day, month, year."
When compared to May 2021, the month of May 2022 saw strong increases in exports of medical and pharmaceutical products (+63%), exports of professional, scientific & controlling spparatus (+33%), exports of food and live animals (+28%) and exports of electrical machinery, apparatus, appliances and parts (+19%).
The EU accounted for almost €6.3 billion (35%) of our total goods exports in May 2022. Total EU exports in May 2022 increased by over €841 million (+15%) compared with May 2021. Our main EU export markets were Germany (over €2 billion), the Netherlands (almost €1.3 billion) and Belgium (almost €1.2 billion). The USA was the main non-EU destination accounting for over €5.4 billion (or 30%) of our total exports in May 2022. The value of goods exports to Great Britain in May 2022 was €1.5 billion, an increase of €319 million (+27%) on the comparative period in 2021. Exports to Great Britain accounted for 8% of total exports in May 2022.
The value of goods exports for the period January to May 2022 was €88.1 billion, an increase of €21.9 billion (+33%) when compared with the first five months of 2021. Exports to Northern Ireland were over €1.9 billion in the period January to May 2022, an increase of €586 million (+42%) on the same period in 2021. The value of goods exports to Great Britain for January to May 2022 increased by over €1.6 billion (+32%) to €6.9 billion, compared with January to May 2021.
Robert Troy, Minister of State for Trade Promotion, Digital and Company Regulation said:
"The export figures for May 2022 are very impressive and highlight the strength and dexterity of our export-led sector when faced with ongoing challenges in the global trading environment. It is very welcome to see such strong growth in our export sector, particularly indigenous export companies, who employ and support local economies right across our regions. Trade is vital to our overall success and prosperity and our enterprise agencies continue to work closely with exporters to support them on their journey to expand in existing markets and to identify new markets."