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Ireland cost of imports rise

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The value of Irish imports increased by 18 per cent to €6.15 billion in November, as weakness in sterling could be inflating the cost of British-manufactured goods. The latest trade figures also reveal the value of exports fell by 1 per cent to €10.2 billion in November.

This led to a decrease in the State’s seasonally adjusted trade surplus. However, the underlying trend remains largely unaffected by Brexit;the value of goods exports for the year to November increased by 5 per cent and the value of imports increased 1 per cent.

The figures show exports of medical and pharmaceutical goods increased by 28 per cent to €3.4 billion in November compared with last year, while exports of Electrical machinery, apparatus and appliances increased 152 per cent to €703 million.

The EU accounted for 50 per cent of total goods exports in November, of which €1.6 billion went to Britain and €1.3 billion to Belgium.