The value of goods imported from Britain to Ireland fell by 34 per cent to €1.3 billion in May compared with the previous 12 months, according to Central Statistics Office (CSO) figures.
According to the data, published on Monday, exports to Britain grew by 19 per cent to €1.6 billion in the same period.
The total value of exports to Britain is 10 per cent, while the total value of imports from Britain is 11 per cent, according to the CSO.
Director in tax at Grant Thornton Ireland Janette Maxwell said the figures indicated that “the British market continues to heavily rely on the Irish market for sourcing its supplies”.
The largest decrease in imports from Britain to Ireland was in the mineral fuels, lubricants and related materials sectors, which fell in value by 53 per cent to €298 million.
The products which accounted for the largest share of exports to Britain in May were chemicals and related products at €700 million and food and live animals worth €339 million.
The EU accounted for €6.9 billion of total goods exports in May, or 42 per cent – with €1.8 billion worth of goods going to Germany, €1.5 billion to the Netherlands and €1.3 billion to Belgium.
The US was the main non-EU destination, accounting for €4.2 billion, or 25 per cent, of total exports in May 2023.
Ireland’s total value of exported goods was worth €16.7 billion, a decrease of €1.2 billion compared with May last year.
The value of imported goods was €11.6 billion in May – which represents a fall of €1.6 billion or 12 per cent on May 2022.
When the first five months of 2023 are compared with the same period in 2022, exports of goods were down 6 per cent, while the value of imports increased by 5 per cent.
Exports of medical and pharmaceutical products decreased by €595 million to in May 2023 compared with 12 months previous, and represents 39 per cent of total exports.
