Ireland2020 Economic Complexity : 1.34, Rank 16 of 127
2020 Product Exports | Imports: $197B | $87.5B, 26 of 226 | 37 of 226
2020 Per Capita Product Exports | Imports: $39.4k | $17.5k, 2 of 219 | 12 of 219
2020 Service Exports | Imports : $122B | $240B, 5 of 65 | 4 of 65
Overview In 2020, Ireland was the number 27 economy in the world in terms of GDP (current US$), the number 26 in total exports, the number 37 in total imports, the number 5 economy in terms of GDP per capita (current US$) and the number 16 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Ireland are Vaccines, blood, antisera, toxins and cultures ($33B), Packaged Medicaments ($32.4B), Nitrogen Heterocyclic Compounds ($26.3B), Integrated Circuits ($11.2B), and Scented Mixtures ($8.65B), exporting mostly to United States ($57.4B), Germany ($22.7B), United Kingdom ($17.5B), Belgium ($16.2B), and China ($11.9B).
In 2020, Ireland was the world's biggest exporter of Nitrogen Heterocyclic Compounds ($26.3B), Scented Mixtures ($8.65B), Nucleic Acids ($7.27B), Hormones ($4.3B), and Sulfonamides ($4.01B)
Imports The top imports of Ireland are Planes, Helicopters, and/or Spacecraft ($5.48B), Packaged Medicaments ($4.14B), Vaccines, blood, antisera, toxins and cultures ($4.06B), Computers ($3.7B), and Nitrogen Heterocyclic Compounds ($2.69B), importing mostly from United Kingdom ($26.8B), United States ($12.6B), Germany ($8.36B), Netherlands ($5.03B), and China ($4.89B).
In 2020, Ireland was the world's biggest importer of Unpackaged Medicaments ($1.32B)
Location Ireland borders United Kingdom by land.
August, 2022
Overview In August 2022 Ireland exported €19.5B and imported €12.5B, resulting in a positive trade balance of €7.01B. Between August 2021 and August 2022 the exports of Ireland have increased by €6.4B (48.9%) from €13.1B to €19.5B, while imports increased by €5.3B (73.7%) from €7.19B to €12.5B.
Trade In August 2022, the top exports of Ireland were Medicinal and pharmaceutical products (€6.53B), Organic chemicals (€5B), Electrical machinery, appliances etc., n.e.s. (€1.29B), Essential oils, perfume materials, toilet preparations... (€902M), and Miscellaneous manufactured articles, n.e.s. (€779M). In August 2022 the top imports of Ireland were Organic chemicals (€1.8B), Electrical machinery, appliances etc., n.e.s. (€1.33B), Medicinal and pharmaceutical products (€1.07B), Other transport equipment (€826M), and Petroleum, petroleum products and related materials (€751M).
Destinations In August 2022, Ireland exported mostly to United States (€5.29B), Germany (€3.25B), Belgium (€2.31B), United Kingdom (€1.95B), and Netherlands (€1.28B), and imported mostly from United Kingdom (€2.8B), United States (€2.05B), China (€1.58B), Unclassified (€1.37B), and France (€901M).
Growth In August 2022, the increase in Ireland's year-by-year exports was explained primarily by an increase in exports to Mexico (€192M or 129%), Switzerland (€122M or 48.6%), and China (€78.8M or 9.88%), and product exports increase in Medicinal and pharmaceutical products (€512M or 9.57%), Plastics in non-primary forms (€92.5M or 168%), and Power generating machinery and equipment (€18.9M or 18.2%). In August 2022, the increase in Ireland's year-by-year imports was explained primarily by an increase in imports from Switzerland (€444M or 203%), Europe EU (€83.5M or 286%), and Russia (€20.3M or 53.1%), and product imports increase in Organic chemicals (€350M or 63.3%), Cork and wood (€3.36M or 22.3%), and Coal, coke and briquettes (€2.66M or 40.9%).
EXPORT GROWTH (August 2021 - August 2022): €6.4B, (48.9%)
IMPORT GROWTH (August 2021 - August 2022): €5.3B, (73.7%)
MAIN DESTINATION (August 2022): United States, €5.29B
This section shows exports and imports data at subnational level for Ireland. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Ireland over time.
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Top Export (2020): Vaccines, blood, antisera, toxins and cultures, $33B
Top Destination (2020): United States, $26.8B
In 2020, Ireland exported a total of $197B, making it the number 26 exporter in the world. During the last five reported years the exports of Ireland have changed by $62.8B from $134B in 2015 to $197B in 2020.
The most recent exports are led by Vaccines, blood, antisera, toxins and cultures ($33B), Packaged Medicaments ($32.4B), Nitrogen Heterocyclic Compounds ($26.3B), Integrated Circuits ($11.2B), and Scented Mixtures ($8.65B). The most common destination for the exports of Ireland are United States ($57.4B), Germany ($22.7B), United Kingdom ($17.5B), Belgium ($16.2B), and China ($11.9B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Ireland Exports Services (2020): $122B
Ireland Imports Services (2020): $240B
In 2020, Ireland exported $122B worth of services. The top services exported by Ireland in 2020 were Miscellaneous business, professional, and technical services ($44.6B), Operational leasing services ($20.7B), Financial services ($19.5B), Other royalties and license fees ($14.9B), and Other direct insurance ($7.47B).
The top services imported by Ireland in 2020 were Other royalties and license fees ($96.4B), Miscellaneous business, professional, and technical services ($79.4B), Merchanting and other trade-related services ($25.6B), Financial services ($17.8B), and Reinsurance ($4.35B).
Ireland has a high level of specialization in Sulfonamides (34.9), Scented Mixtures (28.4), Nitrogen Heterocyclic Compounds (26.9), Nucleic Acids (25.3), and Hormones (19.2). Specialization is measured using RCA, an index that takes the ratio between Ireland observed and expected exports in each product.
The highest complexity exports of Ireland according to the product complexity index (PCI) are Discs, tapes, solid-state non-volatile storage devices, smart cards and other media for the recording of sound or of other phenomena, whether or not recorded, including matrices and masters for the production of discs, excluding products of Chapter 37 (1.85), Fork-lift and other works trucks; fitted with lifting or handling equipment (1.6), Nucleic acids and their salts, whether or not chemically defined; other heterocyclic compounds (1.57), Other organo-inorganic compounds (1.48), and Heterocyclic compounds with nitrogen hetero-atom(s) only (1.46). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Ireland according to the relatedness index, are Cobalt Oxides and Hydroxides (0.1), Bulbs and Roots (0.1), Revenue Stamps (0.1), Prints (0.1), and Wool (0.099). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Ireland is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Ireland's economy has become relatively less complex, moving from the 10th to the 16th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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