Issue 496 (Week ending 23/02/2022)

Irish companies are continuing to broaden their reach across the globe, selling internationally has become even more important in a time when online retail and trade is becoming the primary means of selling products and services. This week based on the latest figures from the CSO (1), we've analysed the main countries other Irish companies are currently trading into.

Ireland's top trading partner within Europe is UK (including Northern Ireland) with a total value of E18.105bn exports (11%) in 2021.

Looking at the EU markets, Germany appears to be the most important export market in terms of value of goods exported, equalling E10.96bn, 11% of all exports in 2021.

Continuing with Europe, Belgium came next, with a value of E13.515bn (8%) followed by the Netherlands with E9.335bn (6%). The entire EU combined, accounted for 37% of all exports valued at E61.445bn.

However, the top trading partner in 2021 which equals more than UK, Germany and Belgium combined is the United States, which accounted for 32% of all exports in 2021, E52.526bn.

China is the second largest consumer outside of Europe, purchasing E11.892bn worth of Irish exports now accounting for 7% of all Irish exports.

Other countries on the list of the Top 10 Trading Partners include France consuming 3.2% of our exports, Italy with 2.6% and Switzerland with 1.7%.

Top 10 Export Markets 2021

1. USA: E52.526bn
2. UK: E18.105bn
3. Germany: E17.756bn
4. Belgium: E13.515bn
5. China: E11.892bn
6. Netherlands: E9.335bn
7. France: E5.304bn
8. Italy: E4.324bn
9. Switzerland: E2.813bn
10. Japan: E2.689bn

As with all companies, at home or abroad that you engage with, it is important to perform background checks, proper due diligence, and full credit risk assessments before supplying goods, especially selling on credit to international businesses.

CRIFVision-net offers our customers the ability to complete these checks and receive reports on over 200m companies trading across the globe through our International Search facility, which is already available from within your Vision-net.ie account, simply login and search for any company in the world.

To find out more, simply contact us today on:

Email: info@vision-net.ie
Phone: 01 903 2660

Sources:
(1) Goods Exports & Imports Dec 2021 CSO