THE value of cross-border trade passed €4 billion (£3.5bn) in the first five months of 2023, according to official government statistics in the Republic.
But the latest data from the Central Statistics Office (CSO) showed that while the total value of trade has increased year-on-year, there was a slight shift in May, suggesting weaker purchasing power north of the border.
The figures, published on Monday, show the Republic imported €441m (£379m) in goods from Northern Ireland in May 2023, some €45m (11 per cent) more than the €396m (£340m) in May 2022.
But that 11 per cent increase was offset by an 11 per cent drop (€50m) in the value of goods moving the other direction.
The CSO said the north bought €398m (£342m) worth of goods from the Republic in May 2023, down from the €448m (£385m) in May 2022.
The statistics body said it took the total value of goods moving north in the first five months of 2023 to €1.917bn (£1.65bn), a 2 per cent (€35m) drop on last year.
The Republic imported €2.129bn (£1.83bn) from the north in the same five month period, a 6 per cent (€113m) increase on the same period last year.
The CSO figures are not adjusted for inflation.
The data showed a significant fall in the value of imports from Britain into the Republic in May 2023, compared to the same month last year, with fuel the likely factor.
CSO statistician Ciarán Counihan: “Imports from Great Britain fell by 34 per cent to €1.3bn in May 2023 compared with May 2022, and the largest decrease was in the imports of mineral fuels, lubricants & related materials which fell by 53 per cent.”
The value of exports from the Republic to GB increased by 19 per cent in May to €1.65bn, meaning the Republic sold more to Britain in May than it bought.
The EU bloc was by far the Republic’s biggest trading partner in the first five months of 2023, with the value of goods estimated at €56bn.
