A distinct entity from Northern Ireland which is part of the United Kingdom, the Republic of Ireland shipped US$169.7 billion worth of goods around the globe in 2019. That dollar amount reflects a 36% increase since 2015 and a 1.6% gain from 2018 to 2019.



Based on the average exchange rate for 2019, the euro appreciated by 0.9% against the US dollar since 2015 but declined by -5.5% from 2018 to 2019. The weaker EU currency in 2019 made Ireland’s exports paid for in stronger US dollars relatively less expensive for international buyers compared to 2018.



The latest available country-specific data shows that 85.5% of products exported from Ireland were bought by importers in: United States (30.8% of the global total), Belgium (10.4%), United Kingdom (10.3%), Germany (8.8%), Netherlands (5.7%), China (5.4%), Switzerland (3.7%), France (3.5%), Italy (2.5%), Japan (1.8%), Spain (1.5%) and Mexico (1%).



From a continental perspective, 51.6% of Ireland exports by value were delivered to fellow European countries while 32.8% were sold to North American importers. Ireland shipped another 11.4% worth of goods to Asia. Smaller percentages went to Africa (1.1%), Latin America excluding Mexico but including the Caribbean (0.6%) then Oceania led by Australia (0.6%).



Given Ireland’s population of 5 million people, its total $169.7 billion in 2019 exported goods translates to an impressive $34,300 for every resident in the island country.

Top 10

The following export product groups represent the highest dollar value in Irish global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Ireland. Pharmaceuticals: US$53.5 billion (31.5% of total exports) Organic chemicals: $35.6 billion (21%) Optical, technical, medical apparatus: $15.2 billion (9%) Electrical machinery, equipment: $11.7 billion (6.9%) Machinery including computers: $9.8 billion (5.7%) Perfumes, cosmetics: $8.8 billion (5.2%) Aircraft, spacecraft: $4.6 billion (2.7%) Other chemical goods: $4.1 billion (2.4%) Meat: $3.5 billion (2.1%) Dairy, eggs, honey: $3.4 billion (2%) Ireland’s top 10 exports accounted for 88.5% of the overall value of its global shipments.



Electrical machinery and equipment represent the fastest grower among the top 10 export categories, up by 32.8% from 2018 to 2019. In second place for improving export sales was the dairy, eggs and honey category via a 10.6% gain. Ireland’s shipments of organic chemicals posted the third-fastest gain in value up by 7.4%.



The leading decliner among Ireland’s top 10 export categories was aircraft and spacecraft thanks to a -20.5% dip year over year.



Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Ireland’s Most Valuable Export Products further down below.

Advantages



Ireland posted an overall $71.6 billion trade surplus during 2019, up by 19.1% from a $60.1 billion in black ink one year earlier.



The following types of Irish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.



In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services. Pharmaceuticals: US$45.3 billion (Up by 11.3% since 2018) Organic chemicals: $29.9 billion (Up by 5.1%) Optical, technical, medical apparatus: $12.1 billion (Down by -3.2%) Perfumes, cosmetics: $7.6 billion (Down by -3.5%) Electrical machinery, equipment: $5.9 billion (Up by 99.8%) Other chemical goods: $3.1 billion (Down by -3%) Meat: $2.8 billion (Down by -4.2%) Dairy, eggs, honey: $2.5 billion (Up by 16.1%) Cereal/milk preparations: $1.3 billion (Down by -7.3%) Beverages, spirits, vinegar: $790.2 million (Up by 20.8%) Ireland posted an overall $71.6 billion trade surplus during 2019, up by 19.1% from a $60.1 billion in black ink one year earlier.The following types of Irish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services. Ireland has highly positive net exports in the international trade of pharmaceuticals, a relatively recession-proof industry albeit it can be subject to product development cycles. The above cashflows indicate Ireland’s strong competitive advantages under the global pharmaceuticals product category.

Opportunities

Below are exports from Ireland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ireland’s goods trail Irish importer spending on foreign products. Aircraft, spacecraft: -US$16.4 billion (Down by -11.7% since 2018) Mineral fuels including oil: -$5 billion (Down by -12.6%) Vehicles: -$3.8 billion (Down by -6.8%) Plastics, plastic articles: -$1.4 billion (Up by 2.3%) Machinery including computers: -$1.2 billion (Down by -24.1%) Knit or crochet clothing, accessories: -$1 billion (Up by 2.7%) Clothing, accessories (not knit or crochet): -$898.1 million (Up by 0.8%) Paper, paper items: -$883 million (Down by -0.9%) Articles of iron or steel: -$811.7 million (Up by 14.1%) Furniture, bedding, lighting , signs, prefab buildings: -$624.9 million (Up by 5.6%) Ireland has highly negative net exports and therefore deep international trade deficits for aircraft and spacecraft.



These cashflow deficiencies clearly indicate Ireland’s competitive disadvantages in the aeronautical products market, but also represent key opportunities for Ireland to improve its position in the global economy through focused technological innovations.

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