Ireland trade balance for 2019 was $55.88B, a 55.94% decline from 2018. Andrews mentioned America as a very important trading partner to Ireland, noting that the last four years have shown the world that it isn’t the most reliable partner in terms of where its political direction is. The 50% increase in service imports in 2015 (see Figure 6) was also a major factor in the divergence, causing the traditional trade balance to fall from €25bn in 2014 to €5bn in 2015 (see Table 2). Pharmaceutical products dominate the Chemicals and Related Products goods category. Regular consultations and dialoguesare held so that the voices of large businesses, SMEs, trade unions, NGOs, and the broader public can be heard before and during the negotiating process. Among major trade partners, exports increased to the EU (30 percent), Great Britain (35 percent), and the US (4 percent). At the same time, imports rose 10 percent on the back of higher purchases of medical and pharmaceutical products (78 percent), organic chemicals (139 percent), and food and live animals (13 percent). Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Machinery and Transport Equipment account for 41% or €32bn of goods imports in 2017 (see Figure 4). The exception to this is the inclusion of the acquisition and divestment of aircraft by resident aircraft leasing companies even when the aircraft does not cross Ireland’s border. Exports went up 1 percent to EUR 11.76 billion, as higher sales of medical and pharmaceutical products (+44 percent) more than offset a drop in sales of organic chemicals (-15 percent) and electrical machinery, appliances, apparatus and parts (-18 percent). Skehard Road, Cork T12 X00E, Ireland, Geographical Profiles of Income in Ireland, Life in 1916 Ireland: Stories from statistics, Ireland North and South - A Statistical Profile, How Dark is your Sky? Index performance for Ireland External Trade Balance SA (IETBALNS) including value, chart, profile & other market data. The negative adjustment suggests that a lot of physical flows of goods from Ireland to the Netherlands do not result in a change of ownership. Trade balance is the value of exported goods minus the value of imported goods. Ireland - Trade balance << 2019 Trade balance of Ireland according to trading partners (2020) World Europe Asia Northern America Central America South America Africa Oceania Profile of Trading Enterprises. Ireland trade balance, exports and imports by country 2018 In 2018, Ireland major trading partner countries for exports were United States, Belgium, United Kingdom, Germany and Netherlands and for imports they were United Kingdom, United States, France, Germany and China. In 2017, Ireland generated a trade surplus of €89bn, its largest on record, with the rest of the world. Ireland's trade surplus widened to EUR 6.11 billion in November 2020, from EUR 5.08 billion in the same month last year, as exports jumped 14 percent due to sales of medical and pharmaceutical products (74 percent). In 2017, the trade surplus widened to an all-time high of EUR 45 billion, as both exports and imports were at the highest level on record. Trade Balance (2019) $69,270,013,112. However, as Table 4 shows, these countries are significant sources of imports into Ireland. Mark the area you … Within these trade flows, distinctions are made between various physical products or goods, and non-physical services. Meantime, imports fell 3 percent to EUR 8.18 billion, due to lower purchases of other transport equipment, including aircraft (-46 percent) and petroleum (-3.9 percent). According to the WTO, in 2019 Ireland exported goods with a record total value of USD 169.6 billion, while it imported goods worth USD 99.8 billion. Figures 8 and 9 show the contribution of services and traditional goods trade to Ireland’s total exports and imports respectively. The trade balance shown in Figure 2 and Table 1 is recorded in Ireland’s Balance of International Payments and National Accounts, and is used in calculating economic growth or GDP. We’ve written more about trade across the Irish border here. (ii) Balance of Payments = Balance of Trade plus the Balance of Invisible trade Quarter 2 2012 BOP = €10,004m + (€6,769m) = €3,235m surplus The data in Figure 2 and Table 1 provides us with a general overview of the extent to which the Irish economy trades with the rest of the world. In 2013, the relationship between the two measurements for Ireland’s trade balance began to change. The difference between the figures is the ownership adjustment to account for Global Value Chains. A European Parliament paper notes how businesses which operate across the border “often have highly interconnected supply chains covering the island of Ireland and often involving movements across the border throughout the manufacturing process”. In 2017, the US and UK were Ireland’s most significant trading partners, both in terms of exports and imports. Balance of Goods for Ireland from Central Statistics Office (CSO) for the Merchandise trade price indices; Value of merchandise trade release. In 2017, Computer Services was Ireland’s largest export category at €69.3bn or 43% of total service exports (see Figure 5). Ireland's trade surplus rose to EUR 3.58 billion in December 2020 from EUR 3.18 billion in the corresponding month of the previous year. The Chair of Irish Revenue told the Irish parliament in 2017 that it’s “very unlikely” that anything like 2% of goods crossing the border between Northern Ireland and the Republic will be physically checked, due to the types of goods being traded. Some of the impact of globalisation is reflected in the variation of trade balance measurements for individual countries (see Table 6). This is further explained in the following section. Many thanks to Paul McElvaney for his earlier work on this Release.　, Central Statistics Office This records a decrease from the previous number of 16.788 USD bn for Dec 2016. This balance also has to be strategic. Ireland - Trade Balance Available data for Q3 points to a frail economic scenario, after GDP plummeted at a record-breaking pace in Q2. Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus. One measurement uses a goods balance based largely on the physical movement of goods across borders; the other calculates Ireland’s goods balance based on a change of ownership. The adjustments produce a goods trade balance that reflects those Irish exports and imports that result in a change of ownership or, in other words, a commercial exchange. The renewed protectionism of the United States and the new tax regime which benefits American companies could also impact trade.