Value of cross-border trade increased by another 30 per cent in 2022 - CSO

Annual trade in goods exported from north to south now approaching £5 billion

The value of goods being exported from north to south rose by £1 billion in 2022, according to the CSO.
The value of goods being exported from north to south rose by £1 billion in 2022, according to the CSO.

THE value of goods moving across the border grew by another 31 per cent in 2022, according official data published in the Republic.

The Central Statistics Office (CSO) said north-south trade passed the five-billion-euro mark in 2022, reaching €5.354 (£4.76bn) for the 12 months.

That was just under £1bn more than in 2021.

In the other direction, the CSO said €4.94bn (£4.4bn) of goods was imported into Northern Ireland from the Republic during 2022, a rise of €1.3bn (£1.16bn) on 2021, or an annual jump of 32 per cent.

While the figures have not been adjusted for inflation, the value of trade on the island of Ireland has increased significantly since the introduction of the Nortern Ireland Protocol at the start of 2021.

The CSO said north-south trade rocketed by 65 per cent in the first year of new checks on goods crossing the Irish Sea.

The annual trade data published by the statistics body on Wednesday showed a sharp increase across the board in the value of goods both important and exported by the Republic.

The biggest increase was in the export of pharmaceuticals, which increased by €17bn (28 per cent) to €80bn, while exports of organic chemicals rose by €11bn (42 per cent) to €37bn.

READ MORE: Post-Brexit services to continental Europe continue to expand at Rosslare

READ MORE: Record movement of goods vehicles helped cross-border traffic recover significantly in 2022

READ MORE: GB-NI trade grew by £1bn in first year under the protocol

In terms of trade partners, there was a surge in imports from Britain last year, with the value rising by 55 per cent to €24bn (£21.3bn).

It was largely driven by the price of fuel and chemicals. Of the €1.7bn of GB imports recorded during December, just over half (€909m) was made up of mineral fuel, chemicals and related products.

Britain accounted for 17 per cent of all Irish imports, up from 15 per cent in 2021.

Exports from the Republic to Britain also increased in 2022, rising by €2.7bn (19 per cent) to €17.2bn.

However, in terms of where the Republic exports its goods, Britain accounted for just 8 per cent.

The EU bought around 38 per cent (€80.6bn) of Irish exports, while 30 per cent (€63bn) went to the USA.

Exports to the rest of the World was valued at €42bn.

Responding to the data, the Republic’s Trade Minister, Simon Coveney said: “I welcome today’s record trade data, from what was a challenging year for exporters, with the impact of the war in Ukraine, inflationary pressures on enterprises, and ongoing Covid-19 disruptions to the global supply chain.

“Against the backdrop of this global trading environment, Ireland has continued to maintain its excellent reputation as a world-class supplier of goods and services, while also successfully securing new business in markets around the world.”