New preliminary figures from the Central Statistics Office show that seasonally adjusted goods exports grew by 6% to reach €18.796 billion in April compared with March.
The CSO said that seasonally adjusted goods imports decreased by 7% to €10.351 billion, which resulted in an increase of 27% in the seasonally adjusted trade surplus to €8.444 billion in April compared with the previous month.
The CSO said that when looking at the first four months of the year, exports have grown by €6.2 billion, or 9%, mainly due to increased exports of Chemicals and Related Products.
Today's figures show that exports to Great Britain came to €1.285 billion, which was 7% of total exports in April. The products which accounted for the largest share of exports were Chemicals and Related Products at €406m and Food and Live Animals with €339m.
The CSO said that imports from Great Britain in April amounted to €1.265 billion - or 2% of the total value of imports. Imports of Mineral Fuels, Lubricants and Related Products were valued at €228m, while imports of Machinery and Transport Equipment came to €251m and imports of Chemicals and Related Products accounted for €209m.
Meanwhile, the EU accounted for €7.598 billion, or 40%, of total goods exports in April, of which €1.842 billion went to Germany, €1.837 billion went to Belgium and €1.792 billion went to the Netherlands.
The US was the main non-EU destination accounting for €6.543 billion, or 34%, of total exports in April.
Medical and Pharmaceutical products increased to 8.8 billion in April 2024, a 66% increase compared to the same month last year. These exports represented 47% of total exports in April of this year.
Carol Lynch, Partner in the BDO Customs and International Trade, said, "This recent positive development in the pharmaceutical sector in Ireland is very encouraging, given the concerns and reductions in exports last year due to the contraction within the sector faced by companies during the winddown of Covid-19 vaccine production and distribution.
"This recovery marks a significant turnaround, indicating resilience and adaptability within the industry," Ms Lynch said.
Jarlath O'Keefe, Tax Partner and Head of Indirect Taxes at Grant Thornton Ireland, noted that imports from Great Britain into Ireland fell by 33% to in April 2024 compared with the same time last year.
He said the sustained declined is an indicator that Irish importers are reacting to the challenges of Brexit by sourcing goods from alternative markets.
"This adaptability will continue to be put to the test for the remainder of 2024 as politics will likely have a further impact on the trading dynamic between Ireland and Great Britain," he said.
He also noted that exports from Ireland to Great Britain rose by 5% in April compared to April 2023.
Although the increase is relatively small, he said this figure should be monitored over the coming months as further UK customs controls are introduced.
"From 30 April 2024, physical, documentary and identity checks are required for medium-risk animal products, plants and plant products imported to Great Britain from Ireland (and all EU countries), as well as high-risk food and feed of non-animal origin from the EU. The impact of these controls should be visible in future CSO statistics," he added.
