Irish exports to UK fall €300m in first eight months of year

Valued at €9.5bn by the CSO so far in 2016...

Ireland exported €9.5bn worth of goods to the United Kingdom in the first eight months of this year, according to the Central Statistics Office (CSO).

This represented a €300m drop from the €9.8bn it exported to Great Britain and Northern Ireland in the same period in 2015, suggesting the Brexit vote and weakening sterling are starting to have an impact.

The new CSO data also shows we were importing less from the UK, down to €10.59bn for the first eight months of the year compared to the €11.53bn spend for the same period in 2015.

Ireland is the UK’s fifth largest trading partner. However, the value of Ireland's seasonally-adjusted goods exports fell by 11.5% following the UK's decision to leave the EU.

The price of the sterling also continues to drop, as Irish exporters face an uncertain future due to Brexit.

The Irish Exporters Association found that 68% of Irish firms selling into the UK had no hedging in place prior to the Brexit decision. An all-Ireland forum on Brexit is to be held next month. The meeting will be hosted by Taoiseach Enda Kenny and Minister for Foreign Affairs Charlie Flanagan in Dublin on November 2nd.

The total value of exports to all countries was up 5% on the same period in 2015, clocking in at €76bn for the year to August. Imports, meanwhile, were down €1.3bn to €43.5bn for the same period.

Looking at our overall trade in August 2016, the value of Irish exports climbed €1.4bn (16%) to €10.2bn, compared to the previous month. Imports for August fell €94m (-2%) to €5.3bn.

Ireland's trading surplus increased €1.49bn (43%) in the month to reach a record high of €4.9bn.