The trade relationship between Northern Ireland and the Republic of Ireland has experienced significant growth in the wake of Brexit. Particularly, the exchange of chemicals, pharmaceutical goods, food, and beverages has played a prominent role in this trade expansion.
This economic interaction has proven to be mutually beneficial, with both regions reaping substantial economic benefits. Notably, excluding trade with Britain, Northern Ireland has imported €2.6 billion worth of goods from the Republic, while exporting €5.6 billion worth of goods to the Republic. These figures represent a significant portion of Ireland’s total goods imports and exports.
Moreover, the chemicals and pharmaceutical sectors exhibit similar patterns of trade, showcasing the interdependence between the two regions. The food and beverages sector also holds a notable share of cross-border trade, underscoring the importance of this industry in fostering economic ties.
Business groups, such as Ibec, have actively supported research in this field, further heightening awareness of the growing opportunities in the all-island economy.
Trade Growth
The growth of all-Ireland trade, particularly in the chemicals and pharma sectors, has been substantial since Brexit, delivering significant economic benefits for firms in both Northern Ireland and the Republic.
Trade statistics show that excluding trade with Britain, the North imported €2.6bn of goods from the Republic and exported €5.6bn of goods to the Republic. This indicates that Northern Ireland makes up almost 5% of Ireland’s total goods imports and just over 2% of exports.
The chemicals and pharma sectors have seen similarities in trade between the North and the Republic, highlighting their prominence in cross-border trade. Additionally, the food and beverages sector plays a crucial role in all-Ireland trade, accounting for a larger share than overall trade.
In this sector, 24% of goods go from Ireland to Northern Ireland, while 27% go from Northern Ireland to Ireland. The growing opportunities in the all-island economy are increasingly recognized by businesses, as highlighted by Ibec director Fergal OBrien.
Prominent Industries
Chemicals and pharmaceutical goods play a prominent role in the trade statistics of both Northern Ireland and the Republic. These sectors have shown significant growth and have contributed to the overall flourishing of all-Ireland trade since Brexit.
In terms of imports and exports between the two regions, excluding trade with Britain, the North imported €2.6bn worth of goods from the Republic, while exporting €5.6bn worth of goods to the Republic. This highlights the economic benefits that these industries bring to firms in both regions.
Additionally, there are similarities in trade patterns in the chemicals and pharmaceutical sectors between Northern Ireland and the Republic.
It is also worth noting that the food and beverages sector plays a substantial role in cross-border trade, accounting for a larger share compared to overall trade. Specifically, 24% of goods in the food and beverages sector go from Ireland to Northern Ireland, while 27% go from Northern Ireland to Ireland. This highlights the importance of this sector in fostering economic ties between the two regions.
Economic Benefits
Economic benefits arise from the significant growth in trade between Northern Ireland and the Republic, particularly in industries such as chemicals and pharmaceuticals. The exchange of exports and imports between these two regions has proven to be advantageous for firms involved.
Excluding trade with Britain, the North imported €2.6bn worth of goods from the Republic, while exporting €5.6bn worth of goods to the Republic. This demonstrates the substantial economic value generated by this cross-border trade.
Additionally, the chemicals and pharmaceuticals sectors exhibit similarities in trade between the North and the Republic, further enhancing the economic benefits.
Moreover, the food and beverages sector plays a crucial role in this trade, accounting for a larger share compared to overall trade. Notably, 24% of goods in this sector flow from Ireland to Northern Ireland, and 27% flow in the opposite direction.
The growing awareness of these opportunities in the all-island economy among businesses further underlines the positive economic outcomes.
