That dollar amount results from a 22.7% increase compared to $170.8 billion five years earlier during 2019.
From 2022 to 2023, total international sales for goods exported from Ireland dropped -4.5% starting from $219.3 billion.
Geographically the Republic of Ireland is the second-largest island of the British Isles, the third-largest island in Europe and the twentieth-largest island in the world.
The top 5 customers buying Ireland’s exports in 2022 were the United States of America, United Kingdom, Germany, Belgium and the Netherlands. Collectively, that quintet of major customers buying Irish exports bought about two-thirds (66.9%) of Ireland’s total shipments in 2023 by value.
Applying a continental lens, more than half (56.2%) of Ireland exports by value was delivered to fellow European countries while 30.3% was sold to importers in North America. Ireland shipped another 11.5% worth of goods to buyers in Asia.
Smaller percentages went to customers in Africa (1%), Latin America (0.6%) excluding Mexico but including the Caribbean, then Oceania (0.5%) led by Australia and New Zealand.
Ireland’s Top Trading Partners
Below is a list showcasing 25 of Ireland’s top trading partners in terms of Irish export sales. That is, countries that imported the most Irish shipments by dollar value during 2023. Also shown is each import country’s percentage of total Irish exports.
- United States: US$55.8 billion (26.6% of Ireland’s total exports)
- United Kingdom: $24.2 billion (11.6%)
- Germany: $22 billion (10.5%)
- Belgium: $20 billion (9.6%)
- Netherlands: $18.1 billion (8.6%)
- mainland China: $9.6 billion (4.6%)
- France: $7.3 billion (3.5%)
- Italy: $6.7 billion (3.2%)
- Switzerland: $4.38 billion (2.1%)
- Canada: $4.37 billion (2.1%)
- Japan: $4.1 billion (2%)
- Spain: $3.2 billion (1.5%)
- Mexico: $2.9 billion (1.4%)
- Poland: $1.9 billion (0.9%)
- Malaysia: $1.7 billion (0.8%)
- Portugal: $1.6 billion (0.8%)
- Czech Republic: $1.2 billion (0.6%)
- Sweden: $1.1 billion (0.5%)
- Saudi Arabia: $982.6 million (0.5%)
- Australia: $908 million (0.4%)
- South Korea: $903.4 million (0.4%)
- Türkiye: $856 million (0.4%)
- Singapore: $828.6 million (0.4%)
- United Arab Emirates: $708.9 million (0.3%)
- Denmark: $649.2 million (0.3%)
Over nine-tenths (93.5%) of Irish exports in 2023 was delivered to the above 25 trade partners.
The fastest grower among Ireland’s top importers was Portugal via its 126.9% upturn. Other leading percentage gains belong to buyers in Malaysia (up 110.5%), Italy (up 39.8%), Switzerland (up 27.1%), Mexico (up 24%) and Canada (up 22.5%).
There were 5 double-digit decliners buying products from Ireland. Reductions belong to customers in Australia (down -45%), mainland China (down -30.5%), Czech Republic (down -20.6%), Germany (down -17.4%) and the United States of America (down -15.9%).
Countries Causing Biggest Trade Deficits for Ireland
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
In 2023, Ireland incurred the highest trade deficits with the following countries.
- France: -US$11.3 billion (country-specific trade deficit in 2023)
- United Kingdom: -$4.9 billion
- Switzerland: -$4 billion
- Israel: -$3.3 billion
- Spain: -$900.4 million
- Austria: -$793.8 million
- Taiwan: -$589.2 million
- Vietnam: -$532.8 million
- Azerbaijan: -$390.1 million
- Thailand: -$379.7 million
Among Ireland’s trading partners that cause the greatest negative trade balances, Irish deficits with France (up 80.5%) and Switzerland (up 22.4%) grew from 2022 to 2023.
In addition, Ireland transitioned from $51.1 million surplus trading with Austria as well as a $37.6 million surplus trading with Spain to recording the deficits listed above.
These cashflow deficiencies clearly indicate Ireland’s competitive disadvantages with the above countries, but also represent key opportunities for Ireland to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Greatest Trade Surpluses for Ireland
Ireland posted an overall $59.4 billion trade surplus during 2023, down by -16.2% from $70.9 billion in black ink one year earlier in 2022.
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.
In 2023, Ireland incurred the highest trade surpluses with the following countries.
- United States: US$32.3 billion (country-specific trade surplus in 2023)
- Belgium: $15.3 billion
- Germany: $11.8 billion
- Netherlands: $9.3 billion
- Canada: $3.6 billion
- Italy: $3.5 billion
- Japan: $1.9 billion
- Mexico: $1.8 billion
- Portugal: $1.13 billion
- Malaysia: $1.11 billion
Among Ireland’s trading partners that generate the greatest positive trade balances, Irish surpluses with Malaysia (up 1,625%), Japan (up 73.4%) and Italy (up 51.9%) grew at the fastest pace from 2022 to 2023.
In addition, Ireland went from incurring a -$146.1 million deficit trading with Portugal to recording the billion-dollar surplus listed above.
These positive cashflow streams clearly indicate Ireland’s competitive advantages with the above countries, but also represent key opportunities for Ireland to develop country-specific strategies to optimize its overall position in international trade.
Major Irish Companies Servicing International Trade Partners
Ireland placed 19 companies on the Forbes Global 2000 rankings. Below is a sample of the major Irish companies that Forbes included.
- Accenture (computer services)
- Actavis (pharmaceuticals)
- Covidien (medical equipment, supplies)
- CRH (construction materials)
- Ingersoll-Rand (conglomerates)
- Kerry Group (food processing)
- Perrigo (pharmaceuticals)
- Seagate Technology (computer storage devices)
- Shire (pharmaceuticals)
- Smurfit Kappa Group (paper products)
According to global trade intelligence firm Zepol, the following companies are examples of entrepreneurial Irish exporters.
- Armstrong Medical (mercury, inorganic bases, calcium)
- Bolger Engineering (iron/non-alloy steel products, electric motor parts, generators)
- Carlow Brewing (malt beer, acyclic polyhydric alcohols)
- Tratech Ireland (machine tool parts and accessories)
See also Ireland’s Top 10 Imports, Ireland’s Top 10 Major Export Companies and Ireland’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 6, 2024
Forbes 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 6, 2024
International Trade Centre, Trade Map. Accessed on May 6, 2024
Investopedia, Net Importer Definition. Accessed on May 6, 2024
Zepol’scompany summary highlights by country. Accessed on May 6, 2024