Seasonally adjusted goods exports increased by €512 million (+3%) to €16,112 million in February 2022 compared with January 2022, according to preliminary figures.
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Seasonally adjusted goods imports decreased by €257 million (-3%) to €9,971 million leading to an increase of €769 million (+14%) in the seasonally adjusted trade surplus to €6,141 million in February 2022 compared with the previous month.
Seasonal adjustment compares month-to-month data by removing fluctuations that may occur due to seasonal patterns in trade.
Exports increased by €3.5 billion in February 2022 compared with February 2021
The (unadjusted) value of goods exports for February 2022 was €15,792 million representing an increase of €3,476 million (+28%) when compared with February 2021.
The value of goods exports for the period January and February 2022 was €32,093 million, an increase of €6,449 million (+25%) when compared with the first two months of 2021.
Exports of Medical and pharmaceutical products increased by €1,312 million (+29%) to €5,887 million in February 2022 compared with February 2021. This represented 37% of total exports.
Exports of Organic chemicals increased by €940 million (+39%) to €3,353 million.
Exports of Food and live animals increased by €166 million (+21%) to €953 million over the same comparative period.
Exports of Electrical machinery, apparatus, appliances and parts increased by €282 million (+33%) to €1,146 million.
Imports increased by over €2 billion in February 2022 compared with February 2021
The (unadjusted) value of goods imports for February 2022 was €8,698 million representing an increase of €2,051 million (+31%) when compared with February 2021.
The value of goods imports for January and February of 2022 was €17,998 million, which is an increase of €4,911 million (+38%) compared with January and February 2021.
Imports of Mineral fuels increased by €528 million (+240%) to €749 million in February 2022 compared with February 2021.
Imports of Organic chemicals increased by €253 million (+43%) to €846 million over the same comparative period.
Imports of Food and live animals increased by €85 million (+16%) to €609 million.
The value of goods imports for February 2022 excluding SITC 79 (Other transport equipment, including aircraft) was €7,905 million, an increase of €1,970 million (+33%) when compared with the corresponding February 2021 figure of €5,935 million.
Exports to Great Britain of over €1 billion in February 2022
Exports to Great Britain in February 2022 were €1,025 million, an increase of €177 million (+21%) compared with February 2021. The main change was an increase in the exports of Food and live animals (see Table 5). Exports to Great Britain accounted for 6% of total exports in February 2022.
The value of goods exports to Great Britain in the first two months of 2022 was €2,431 million, an increase of €635 million (+35%) on the first two months of 2021.
Imports from Great Britain increased by €686 million (84%) to €1,508 million compared with February 2021. The main increases were in the imports of Mineral fuels, lubricants and related materials, Chemicals and related products and Machinery and transport equipment. Imports from Great Britain were 17% of the value of total imports in February 2022.
The value of goods imports from Great Britain for January to February 2022 was €3,314 million, an increase of €1,754 million (+112%) compared with January to February 2021.
Imports from Northern Ireland of over €700 million in the first two months of 2022
Imports from Northern Ireland in the first two months of 2022 increased by €196 million (+37%) to €732 million when compared with January to February 2021.
Exports to Northern Ireland were €710 million in the period January to February 2022, an increase of €265 million (+60%) on the same period in 2021.
Geographic breakdown of goods exports and imports
The EU accounted for €6,316 million (40%) of total goods exports in February 2022 of which €2,530 million went to Germany and €1,074 million went to Belgium. Total EU exports in February 2022 increased by €1,673 million (+36%) compared with February 2021.
The USA was the main non-EU destination accounting for €4,826 million (31%) of total exports in February 2022.
The EU accounted for €2,663 million (31%) of total goods imports in February 2022, which is an increase of €441 million (+20%) compared with February 2021.
The UK with €1,925 million (22%), the USA with €1,206 million (14%), Switzerland with €730 million (8%) and China with €701 million (8%) were the main non-EU sources of imports
Exports by industrial origin and Imports by main use
Industrial produce accounted for €14,861 million (94%) of total exports in February 2022. This is an increase of €3,213 million (+28%) when compared with February 2021. There was €5,876 million of this exported to the EU, €4,797 million to the USA and €1,052 million to the UK. Agricultural produce accounted for €698 million (4%) of total exports.
Producer capital goods ready for use accounted for €1,399 million (16%) of total imports in February 2022, an increase of €167 million (+14%) when compared with February 2021.
Consumption goods ready for use represented €2,159 million (25%) of total imports, and Materials for further production accounted for €4,888 million (56%). ■