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Goods Exports and Imports January 2024

Growth in exports of pharmaceuticals behind €8.8 billion trade surplus in January 2024

Online ISSN: 2009-5155
CSO statistical publication, , 11am

Key Findings

  • Seasonally adjusted goods exports were €18.1 billion in January 2024, an increase of €2.5 billion compared with December 2023.

  • Seasonally adjusted goods imports were €9.4 billion in January 2024, resulting in a trade surplus of almost €8.8 billion.

  • Unadjusted goods exports were €18.9 billion in January 2024, a rise of €3.4 billion compared with January 2023.

  • Unadjusted goods imports were €9.1 billion, which was €2.4 billion lower than imports in January last year.

Statistician's Comment

The Central Statistics Office (CSO) has today (15 March 2024) released Goods Exports and Imports January 2024.

Commenting on the release, Ciarán Counihan, Statistician in the International Trade in Goods Division said “Ireland recorded a trade surplus of €8.8 billion in January of this year. The increase in the surplus is due to a combination of increased exports and reduced imports. The largest increase in exports was due to pharmaceuticals, and the largest reduction in imports was seen in fuels. 

Ireland’s unadjusted exports of goods rose by €3.4 billion to €18.9 billion compared with January 2023.  When seasonally adjusted, exports of goods grew by €2.5 billion compared with December 2023.

The unadjusted imports for January 2024 were valued at €9.1 billion, a fall of €2.4 billion on January 2023. Seasonally adjusted imports were €9.4 billion in January 2024.

Imports from Great Britain fell by 50% to €1.3 billion in January 2024 compared with January 2023.  The largest decrease was in the imports of Mineral Fuels & Lubricants.  Exports to Great Britain were up by €200 million in January 2024 compared with January 2023.”

Headline Table

Table A Goods Exports and Imports seasonally adjusted €million
 ExportsImportsSurplus
December 202315,65811,3124,346
January 202418,1509,3858,764
Value change2,492-1,9274,418
% change15.9-17.0101.7

Seasonally adjusted goods trade exports increased by €2.5 billion in January 2024

Seasonally adjusted goods exports increased by €2,492 million (+16%) to €18,150 million in January 2024 compared with December 2023, according to preliminary figures.

Seasonally adjusted goods imports decreased by €1,927 million (-17%) to €9,385 million leading to an increase of €4,418 million (+102%) in the seasonally adjusted trade surplus to €8,764 million in January 2024 compared with December 2023 (see Table 2). Seasonal adjustment compares month-to-month data by removing fluctuations that may occur due to seasonal patterns in trade.

Figure 1 Goods Exports and Imports January 2024 Seasonally Adjusted
Table 1 Goods Exports and Imports summary analysis

Table 2 Goods Exports and Imports seasonally adjusted series

Table B Share of Goods Exports and Imports by region€million
UnadjustedJanuary 2023 - 2024
20232024Value change% change
Exports    
Total15,49718,9233,42522
Great Britain1,3361,54320716
Northern Ireland385376-9-2
EU277,0027,000-20
USA3,8506,6372,78772
Rest of World2,9253,36744215
    
Imports    
Total11,5059,087-2,418-21
Great Britain2,5191,265-1,254-50
Northern Ireland435357-78-18
EU272,8813,0021204
USA1,8151,368-446-25
 Rest of World3,8553,094-761-20

Exports and imports by region

The (unadjusted) value of goods exports grew by €3,425 million (+22%) to €18,923 million in January 2024 compared with January 2023.

The (unadjusted) value of goods imports fell by €2,418 million (-21%) to €9,087 million in January 2024 compared with January 2023.

Exports to Great Britain were €1,543 million, which was 8% of total exports in January 2024. The products accounting for the largest share of exports were Chemicals & Related Products, at €630 million and Food & Live Animals at €307 million.

Imports from Great Britain in January 2024 were €1,265 million, which was 14% of the total value of imports. Imports of Mineral Fuels accounted for €267 million, and imports of Machinery & Transport Equipment were valued at €258 million (see Table 5).

The EU accounted for €7,000 million (37%) of total goods exports in January 2024, of which €2,031 million went to Germany, €1,807 million went to the Netherlands and €1,176 million went to Belgium.

The USA was the main non-EU destination accounting for €6,637 million (35%) of total exports in January 2024 (see Table 4).

X-axis labelEU 27Rest of WorldUKUS
Feb 20226.302663380545543.349213481.390271869441024.825347098
Mar 20227.031467947564044.001691383999991.833175113577367.400502251
Apr 20226.420026746059943.3606734591.937093786286225.490089082
May 20226.29837021940854.395322705999991.830222627515385.390377409
Jun 20226.347738183521543.8688538712.408873480092575.086599753
Jul 20226.2525396486543.338236853999991.570294844402193.745679746
Aug 20228.55059634679393.6237918051.926268495332775.286338789
Sep 20227.594419986750934.0854354171.849918090254055.904198153
Oct 20226.586961722230773.5914411432.080607897330655.306523683
Nov 20226.887169794156363.188474921999992.02301503327065.032571309
Dec 20225.994954273392763.1093138661.592051772429824.433765332
Jan 20237.001669297181932.925172203999991.72091647930193.849700567
Feb 20237.429784533624563.454123632000011.669879090181094.160032732
Mar 20237.227578069255563.767196381999992.124211416907955.6191061
Apr 20236.517811930494922.912263853000011.585515723780624.155685568
May 20236.935971102259513.533047375000022.062313590499224.093419028
Jun 20236.739189992991963.2383297142.748419068438185.694475768
Jul 20236.57141528120162.835267783000012.182577029620324.033586402
Aug 20236.161713038726213.1961612011.71550975872865.107306858
Sep 20237.089861433981382.9879625311.604116007012674.33656717
Oct 20237.607520992626033.4263675061.630511310122414.878499338
Nov 20236.801176747959353.4234254282.189141857489064.193145893
Dec 20235.116073329883933.0854955261.247593616788624.284592452
Jan 20246.999585533862113.367069912119991.919238860945756.637059903
X-axis labelEU 27Rest of WorldUKUS
Feb 20222.791705099490762.905749117029111.93622724113291.43438147581768
Mar 20223.148272852630814.140741801417052.387880871994042.33093602471201
Apr 20223.508208805349953.475667000045362.425356178488811.87450129891659
May 20223.634311233442355.049745297346772.399138778672392.18781775376064
Jun 20223.705675607253474.644756992632322.600614882938341.87929043009657
Jul 20223.132875267037433.977678277043522.289539370001861.30211393590302
Aug 20223.224706554907284.422665966146232.717226476837282.10920545319726
Sep 20224.187917654413823.650206186022822.519287627358942.44974277170222
Oct 20224.106304015305253.424538515205853.177788655539391.79897633135657
Nov 20224.018269569102473.814202635110062.469854957869961.82583888094956
Dec 20224.535335228381453.879199344986452.354692981474921.80623668992089
Jan 20232.881285912095213.854848559967312.954041478629471.81484609051063
Feb 20233.710558781513353.234852581663752.527791499879611.68600377733813
Mar 20235.174182055765622.709812093703522.148942225065421.85297748577796
Apr 20233.643313535349813.463148688688282.291394741533171.41027558021653
May 20234.454287609423824.278917245800671.949384508687411.84648065909634
Jun 20235.011718309461673.425648370469592.160766013503012.07012732566615
Jul 20233.721061316193833.509396950086232.074228315212971.53445947815736
Aug 20233.034821207513973.189395409635432.281122593961321.38263483011316
Sep 20233.420987734147423.389081471913012.213390776221323.03248267422309
Oct 20233.515135199842573.623414115890951.971498680383942.30643603199226
Nov 20234.604517314560514.327916935742782.17156365332032.30643603199226
Dec 20234.535616138493513.407908533462181.502542543622042.30643603199226
Jan 20243.001633789284023.094119557139521.622734088910311.36843395015141

Exports by product

Exports of Medical & Pharmaceutical Products increased by €2,908 million (+48%) to €8,993 million in January 2024 compared with January 2023. This represented 48% of total exports.

Exports of Electrical Machinery, Apparatus & Appliances grew by €125 million (+18%) to €805 million.

Exports of Professional, Scientific & Controlling Apparatus grew by €141 million (+19%) to €890 million (see Table 3).

Figure 4 Exports by product January 2023 - January 2024

Imports by product

Imports of Mineral Fuels, Lubricants & Related Products decreased by €907 million (-56%) to €720 million in January 2024 compared with January 2023.

Imports of Organic Chemicals fell by €597 million (-40%) to €905 million.

Imports of Machinery Specialised for Particular Industries fell by €110 million (-23%) to €363 million (see Table 3).

Figure 5 Imports by product January 2023 - January 2024
Table 3 Goods Exports and Imports classified by commodity

Table 4 Goods Exports and Imports classified by country

Table 5 Goods Exports and Imports classified by commodity and principal countries

Table 6 Goods Exports by industrial origin and area of destination

Table 7 Goods Imports by main use and area of origin