Trade Between Great Britain and Ireland Drops Significantly in 2024
The value of trade between Great Britain and Ireland plummeted by over €6 billion in 2024, highlighting the impact of post-Brexit frictions on shipments across the Irish Sea. According to Ireland's Central Statistics Office, the total value of imports and exports between the two nations fell to approximately €32 billion, down from €38 billion in 2023.
This decline can be attributed to several factors, including a near-€3 billion drop in chemical exports from Ireland to the UK and a €1.6 billion decrease in gas and lubricant shipments from Britain to Ireland. Overall, exports from Ireland to Great Britain decreased by 10% to just under €16 billion year on year, while imports from Britain to Ireland dropped by 21% to €16.6 billion.
The chemical sector has been particularly affected by Brexit-related red tape, with dual regulatory regimes in the EU and the UK causing costly duplication for the industry. Additionally, the food and farming sector has also faced challenges, with exports of cheese and beef requiring significant amounts of extra paperwork.
Despite these challenges, trade in the food and farming sector remained stable in 2024. Exports from Ireland to Britain increased slightly year on year, from €3.9 billion to €4.1 billion, and from €2.47 billion to €2.67 billion in the other direction. Notably, sales of food and live animals from Ireland to Great Britain overtook chemicals and related products as the top export commodity in 2024.
While trade with Great Britain has declined, trade with Northern Ireland, which remains part of the UK, continues to flourish. Unlike the rest of the UK, Northern Ireland must observe EU trade rules as part of the 2020 Brexit deal, ensuring seamless trade on the island of Ireland. Exports from Northern Ireland to Ireland, including sheep for slaughter, increased from €5.2 billion to €5.4 billion, with food and live animals showing the biggest growth.
Despite the additional red tape caused by Brexit, the UK remains Ireland's biggest trading partner in Europe. However, the Netherlands surpassed the UK for exports in 2024. Ireland's trade with the US also showed a significant surplus, with exports exceeding €72 billion, a 34% increase in 2024, compared to imports valued at €22 billion.
Outside Europe, China remains Ireland's second biggest trading partner for goods, with almost €22 billion-worth of trade, €10 billion in exports and €11.8 billion in imports.
8 Comments
Marishka
“This isn’t just about numbers, it’s about the failure to adapt to a new reality without clinging to bureaucratic crutches.”
Pupsik
“If trade is to be the lifeblood of these economies, a drop in such important sectors is unacceptable.”
Marishka
“I appreciate the in-depth numbers; knowing that exports and imports dipped significantly is crucial for future reforms.”
Pupsik
“This is a wake-up call for policymakers. A €6 billion drop is a serious economic signal that changes are needed.”
Marishka
“The detailed breakdown is much needed – these statistics help us understand the nuances of the issue.”
ZmeeLove
“A thoughtful analysis that points out both the challenges and the few bright spots in the trading relationship.”
Muchacha
“Accurate reporting helps the public understand that Brexit isn’t just a political concept – it has real financial consequences.”
Habibi
“Good job highlighting how red tape in the chemical sector is affecting trade. This should lead to better policy decisions.”