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Foreign Trade in Figures

Ireland is a very open economy, and therefore very dependent on the international economic situation and vulnerable to external shocks. Trade accounted for 229% of GDP in 2021 (World Bank). Ireland’s main imports are aircrafts, biological materials, medicine, automatic data-processing machines, oil and petroleum products and automobiles. The country exports mainly biological materials, medicines, industrial raw materials, electronic parts and medical devices. In 2022, despite the war in Ukraine, the volume of exports of goods and services increased by 10.6% compared to 2020. Similarly, imports increased by 10% (IMF). The IMF forecasts a more moderate increase of exports in 2023 (+5.8%) and 2024 (+5%) and a similar trend for imports (+6.4% in 2023 and +5.4% in 2024).

Ireland's main trading partners are the European Union (the United Kingdom is the main market for imports and the forth largest for exports), the United States, China and Switzerland. The UK’s withdrawal from the EU (Brexit) raises many questions around the future relations between Ireland and its main trade partner. Irish exports are expected to slow down and to suffer from a depreciated sterling pound. The recently introduced higher corporate tax rates may also prompt multinational companies to delocalise.

The Irish trade balance is structurally in surplus. According to the WTO, in 2021 Ireland exported goods with a record total value of USD 190.3 billion, while it imported goods worth USD 119.5 billion. The country exported for 337.8 billion USD of services in 2021, and imported for a value of 341.5 billion USD. According to the Central Statistics Office data, trade balance in goods reached a surplus of EUR 64.8 billion during the 11 months from January to November 2022.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 93,198107,669101,10498,750119,496
Exports of Goods (million USD) 137,359164,794169,625179,772190,319
Imports of Services (million USD) 200,597241,804332,092295,688341,456
Exports of Services (million USD) 179,545222,127247,408262,309337,759

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 220.0217.1252.2247.8229.4
Trade Balance (million USD) 123,714129,048133,368162,352197,982
Trade Balance (Including Service) (million USD) 75,812110,47949,33482,115199,483
Imports of Goods and Services (Annual % Change) 1.22.542.3-2.1-8.3
Exports of Goods and Services (Annual % Change) 9.69.811.811.214.1
Imports of Goods and Services (in % of GDP) 99.094.3124.4114.495.0
Exports of Goods and Services (in % of GDP) 121.0122.8127.9133.3134.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 15.07.96.05.04.0
Volume of imports of goods and services (Annual % change) 19.07.06.35.55.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Ireland is a member of the following international economic organisations: IMF, European Union, ICC, European Economic Area, WTO, Organization of American States (OAS) (observer), OECD, among others. For the full list of economic and other international organisations in which participates Ireland click here. International organisation membership of Ireland is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Ireland can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 30.3%
Germany 12.1%
United Kingdom 10.6%
Belgium 8.4%
Netherlands 6.8%
See More Countries 31.7%
Main Suppliers
(% of Imports)
2022
United Kingdom 20.9%
United States 15.7%
China 10.3%
France 8.5%
Germany 7.4%
See More Countries 37.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

219.3 bn USD of products exported in 2022
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 22.1%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 10.9%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only 10.6%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 5.4%
Nucleic acids and their salts, whether or not...Nucleic acids and their salts, whether or not chemically defined; heterocyclic compounds (excl. with oxygen only or with nitrogen hetero-atom[s] only) 5.1%
See More Products 45.8%
147.9 bn USD of products imported in 2022
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 10.8%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only 9.7%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 4.4%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 4.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.6%
See More Products 67.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

119.5 bn USD of services exported in 2020
54.28%
16.60%
12.16%
10.91%
2.49%
2.00%
0.73%
0.34%
0.24%
0.24%
353.4 bn USD of services imported in 2020
61.75%
27.26%
5.14%
3.04%
1.32%
0.73%
0.31%
0.22%
0.22%
0.02%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: November 2023

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