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The Irish Maritime Transport Economist - Volume 10 - Marine Institute

The Irish Maritime Transport Economist - Volume 10 - Marine Institute

Trade: CountryTABLE

Trade: CountryTABLE 8AExport Value by Country, 2011-2012TradeAfter almost doubling the previous year, Ireland’strade deficit with Great Britain fell by 42%, owingpredominately to a sharp increase in exports. AlthoughIreland’s trade surplus with the United States remainsstrong, there was a notable decline of 27%, leaving2012’s surplus at €11.8 billion.Ireland’s six largest export markets, USA, UK, Belgium,Germany, France and Switzerland, accounted for almost72% of total exports by value. Exports to the USA(€18.2Bn), our largest export market, declined by 16%in 2012, resulting in the US share of exports falling to20% from 24% in 2011. The decrease was largely due toa major fall off in chemical related products to the USAas key pharmaceutical patents expired. Nevertheless,exports to Great Britain (€13.8Bn), Ireland’s largest tradepartner, increased by 7% in the same period, helped bya 5% Euro depreciation against the Sterling. Belgium(€13.5Bn), an important chemical logistical hub anddistribution centre of Europe, managed to maintain itshigh share of exports (15%), while exports to Germany(€7.5Bn), Europe’s biggest market, increased by 20%,with the agri-food sector, particularly beef, performingstrongly. Switzerland (€5.1Bn), a country which hasexperienced a major overvaluation of the Swiss Franc,increased their Irish export expenditure by over 38%,with much of the rise attributed to the pharmaceuticalsector. Elsewhere, the impact of the euro-debt crisisresulted in a 10% decline in total exports to Portugal,Italy, Spain and Greece, which combined comprise 6%of Irish export revenue. Meanwhile, exports to the BRICS(€2.7Bn), a group earmarked for Irish export growth,declined by 2% in the face of a slowing world economy,with their total export share now just 3.5%. This contrastswith the EU as a whole, which has rapidly increasedexports to the BRICS over the past couple of years.Imports from Great Britain, Ireland’s largest importpartner, decreased by 1% as compared to 2011. USAimports (€6.4Bn) increased by 8%, resulting in a totalimport share of 13%, while German imports (€3.4Bn)fell by 8%. The pharmaceutical industry is transformingIrish – Swiss trade, with imports (€0.96Bn) increasing by26%. Total EU imports (€29.2Bn) experienced a declineof 4% although the bloc maintained a 60% share oftotal imports. Imports from countries outside the EU(€19.8Bn) rose by a significant 10%, and their total sharenow equals 40% of overall imports. Brazilian importsincreased drastically, rising 145% to €516 million in 2012,largely due to a once off aircraft order.Exports 2011 €m 2012 €m Change % Share %USA 21,601 18,160 -16% 20%Great Britain 12,845 13,794 7% 15%Belgium 13,227 13,548 2% 15%Germany 6,285 7,526 20% 8%Switzerland 3,686 5,070 38% 6%France 4,951 4,428 -11% 5%Netherlands 3,123 3,346 7% 4%Spain 3,049 2,767 -9% 3%Italy 2,992 2,684 -10% 3%China 2,330 2,167 -7% 2%Japan 1,743 2,101 21% 2%Northern Ireland 1,422 1,445 2% 2%Canada 627 781 25% 1%All Other 13,347 14,192 6% 15%Total EU 52,561 54,262 3% 59%Euro zone 35,171 35,848 2% 39%Total 91,228 92,009 1% 100%TABLE 8BImport Value by Country, 2011-2012Imports 2011 €m 2012 €m Change % Share %Great Britain 15,638 15,419 -1% 31%USA 5,907 6,397 8% 13%Germany 3,706 3,414 -8% 7%China 2,714 2,860 5% 6%Netherlands 2,434 2,311 -5% 5%France 1,994 1,902 -5% 4%Northern Ireland 1,047 1,023 -2% 2%Switzerland 762 958 26% 2%Belgium 1,166 955 -18% 2%Norway 1,165 938 -19% 2%Italy 775 772 0% 2%Japan 796 728 -9% 1%Spain 668 649 -3% 1%All Other 9,543 10,698 12% 22%Total EU 30,356 29,220 -4% 60%Euro zone 11,702 10,952 -6% 22%Total 48,315 49,024 1% 100%GRAPH 8ATotal Trade Value by Country, 2012Value €m2011 201230,00025,00020,00015,00010,00020The value of total trade withthe BRICS has increased by 83%over the past decade.5,0000Great BritainSource: CSOUSABelgiumGermanyFranceSwitzerlandNetherlandsChinaItalySpainJapanN. Ireland

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