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Trade with Russia

December 3, 2013

by Constantin Gurdgiev

The latest data on Ireland’s bilateral trade in goods shows continued strengthening of our trade surplus with Russia. In January-September 2013, Irish exports to Russia amounted to EUR485 million, up on EUR459 million year on year. Over the same period, Irish imports from Russia in goods sectors rose to EUR112 million – an increase of 36.6% year on year. As the result, Ireland’s trade surplus (goods sectors only) reached EUR373 million in the first nine months of 2013, virtually flat on EUR377 million trade surplus recorded in the same period of 2012.

Trade with Russia strongly bucks the trend for goods trade overall and for our goods trade with the strategically important BRICS markets (Brazil, Russia, India, China and South Africa). Ex-Russia, Irish bilateral goods exports to BRICS stood at EUR2,054 million in January-September 2013 against EUR2,319 million worth of goods exports shipped to these countries over the same period of 2012. In the first nine months of 2013, Irish exporters shipped more goods to Russia than to Brazil and India combined.

In 2012 and in the first nine months of 2013, Russia was the ninth largest non-EU exporting destination for goods exports from Ireland.

The growing importance of Russian market for Irish exporters is best highlighted by the fact that our goods exports to Russia have posted growth of 5.66% year on year in the Q1-Q3 2013, while our overall exports of goods have fallen 6.73% over the same period of time.

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