Showing posts with label Irish exports to Russia. Show all posts
Showing posts with label Irish exports to Russia. Show all posts

Friday, March 13, 2015

13/3/15: Irish Bilateral Trade in Goods with BRIC: 2014


Full year 2014 data on Irish bilateral trade in goods with the BRIC countries is showing some interesting changes to historical patterns worth highlighting. Let's start with country-specific analysis:

Russia: 


Irish exports to Russia (goods only) reached EUR722 million in 2014, up 13.3% y/y from EUR637 million in 2013. Over the last five years, Irish exports to Russia almost doubled, rising 198%. Russia now accounts for 21.6% of Ireland's total exports to BRIC economies, up from 8.2% in 2009. Trade balance with Russia (goods only) has risen more modestly to EUR496 million, up just 1.43%, marking the second highest bilateral trade balance with Russia (the highest one was achieved in 2012 at EUR503 million). Still, Ireland's trade balance with Russia is the largest for all BRIC and Irish exports to Russia now exceeds the combined exports from Ireland to Brazil and India for the fourth year in a row. Over the last 5 years, cumulative trade in goods surplus in favour of Ireland in trade with Russia stands at EUR2.085 billion.

Brazil:


Irish exports to Brazil fell from EUR262 million in 2013 to EUR256 million in 2014 (a drop of 2.3% that effectively reverses the rise of 2.34% recorded in 2013). As the result, 2014 exports to Brazil exactly matched EUR256 million level of exports achieved in 2013. Over the last 5 years, Irish exports to Brazil have grown only 21.2% cumulatively - the second worst performance in BRIC. As the result of sharper contraction in imports, Irish trade balance with Brazil actually managed to improve in 2014. 2014 trade in goods surplus for Ireland's trade with Brazil was EUR97 million as opposed to a deficit of EUR12 million recorded in 2013 and a deficit of EUR260 million recorded in 2012. Over the last 5 years, cumulative trade in goods deficit against Ireland in trade with Brazil stands at EUR7.9 million.


India:


Irish exports to India fell from EUR304 million in 2013 to EUR248 million in 2014 (a drop of 18.4% that significantly reverses the rise of 29.4% recorded in 2013). As the result, 2014 exports to India almost matched EUR235 million level of exports achieved in 2013. Over the last 5 years, Irish exports to India have grown only 56.5% cumulatively - the second best performance in BRIC after Russia. As the result of a small rise in imports, Irish trade balance with India actually managed to deteriorate in 2014. 2014 trade in goods deficit for Ireland's trade with India was EUR154 million as opposed to a deficit of EUR83 million recorded in 2013 and a deficit of EUR130 million recorded in 2012. 2014 was the worst deficit year in our bilateral trade with India since the data on bilateral trade became available in 1998. Over the last 5 years, cumulative trade in goods deficit against Ireland in trade with India stands at EUR673.7 million.


China:

Irish exports to China rose from EUR1,941 million in 2013 to EUR2,111 million in 2014 (a rise of 8.8% that largely reverses the fall of 10.4% recorded in 2013). As the result, 2014 exports to China almost matched EUR2,167 million level of exports achieved in 2013. Over the last 5 years, Irish exports to China have shrunk by 9.4% cumulatively - the worst performance in BRIC. Adding insult to the injury, as the result of a small rise in imports, Irish trade balance with China actually managed to deteriorate in 2014. 2014 trade in goods deficit for Ireland's trade with China was EUR1,370 million as opposed to a deficit of EUR1,150 million recorded in 2013 and a deficit of EUR693 million recorded in 2012. 2014 was the worst deficit year in our bilateral trade with China since 2008. Over the last 5 years, cumulative trade in goods deficit against Ireland in trade with China stands at EUR3,849 million.


Combined bilateral trade with BRIC:


Irish exports to BRIC markets (goods only) rose to EUR3,337 million in 2014, rising 6.2% y/y from EUR3,114 million in 2013 and virtually reversing the losses sustained between 2013 and 2012 to almost match 2011 level of EUR3,324 million. Over the last 5 years, exports from Ireland into BRIC economies rose 13.4% cumulatively - hardly an impressive performance. Meanwhile, Irish imports from BRIC rose from EUR3,900 million in 2013 to EUR4,268 million in 2014. As the result, Irish trade deficit with BRIC economies rose from EUR756 million in 2013 to EUR931 million in 2014. Thus, 2014 marked the worst trade deficit with BRIC economies since 2008. 5 year cumulative trade deficit between Ireland and BRIC currently stands at EUR2,445.8 million


Quite surprisingly, Irish bilateral trade in goods with Russia - subject to EU sanctions, US sanctions-induced lower propensity for US multinationals to engage in Russia, and subject to severe disruption of financial flows, including trade credits and insurance - has managed to substantially outperform our trade with other BRIC economies and expand by 20.8% y/y in terms of combined trade flows and 13.4% in terms of exports to Russia. The reason for this the longer-term nature of our exporters engagement in the Russian markets and more partnership-based approach to trade. Irish exports to Russia are strongly dominated by indigenous, smaller exporters who tend to secure longer-term relationship-based engagement in the market. In addition, Irish exports to Russia are strongly developed in the areas of food production and agri-food technologies - two sectors that saw growth in investment in Russia.

Thursday, July 17, 2014

17/7/2014: Irish Bilateral Trade in Goods with Russia & Ukraine


A journalist just requested from me some trade stats on Russian and Ukrainian trade with Ireland, so here is a summary table and a chart:


The table above shows irish exports to Russia by category. For comparison, Ukraine:


And totals for 2012-2013 full year:


Russia dwarfs Ukraine as trading partner for Ireland by:

  • Exports - 2012-2013 average levels of goods exports to Russia is at EUR620 million against those to Ukraine at EUR62.2 million.
  • Trade balance: average 2012-2013 goods trade balance wit Russia is at +EUR151.5 million surplus against deficit of -EUR16 million for Ukraine.
  • In trade flows for the first four months of 2014
  • Indigenous exports component of our trade: approximately 40-42% of our trade with Russia related to indigenous sectors of the economy, as opposed to near zero for our exports to Ukraine.

Tuesday, January 15, 2013

15/1/2013: Ireland-Russia Bilateral Trade: Jan-Oct 2012 data


Some good data on Irish bilateral trade in goods with Russia. A graph and a table to summarise:



Details in CSO release here.

Very robust rise in exports (+17.6% y/y in Jan-Oct 2012) and in trade surplus (+24.6% y/y). Balance in favour of Irish indigenous sectors, with food & drink sector exports exceeding those of medical devices and pharma and chemicals.

Friday, December 23, 2011

23/12/2011: Composition of Irish exports to Russia

For those of you who asked: composition of Ireland's exports to Russia, data through August 2011:
This shows pretty decent diversification and the stronger role for indigenous enterprises, especially in Agrifood sector (26.2%, plus some segment of Other category).