That dollar amount reflects a 22.7% increase compared to $170.8 billion five years earlier during 2019.
Year over year, the overall value of Irish exports fell -4.5% from $219.3 billion in 2022.
Based on the average exchange rate for 2023, Ireland uses the euro which depreciated by -3.5% against the US dollar since 2019 but strengthened by 2.6% from 2022 to 2023. The weaker European Union currency compared to 2019 made Ireland’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Ireland’s biggest export products by value in 2023 were blood fractions including antisera, heterocyclics and nucleic acids, medication mixes in dosage, hormones including miscellaneous steroids, then electro-medical equipment including for x-rays. In aggregate, those major exports accounted for 54.5% of overall exports sales from Ireland. That percentage–and the products themselves–suggests a relatively concentrated range of exported goods.
Ireland places among world-leaders for exporting blood fractions including antisera, while ranking among the top exporters for drugs and medicines in general. The European nation is also a major competitor selling medical, surgical or veterinarian instruments on international markets.
Ireland’s Best International Trade Customers
The latest available country-specific data shows that 85.8% of products exported from Ireland was bought by importers in: United States of America (26.6% of the Irish total), United Kingdom (11.6%), Germany (10.5%), Belgium (9.6%), Netherlands (8.6%), mainland China (4.6%), France (3.5%), Italy (3.2%), Switzerland (2.09%), Canada (2.08%), Japan (2%) and Spain (1.5%).
From a continental perspective, 56.2% of Ireland exports by value was delivered to fellow European countries while 30.3% was sold to North American importers. Ireland shipped another 11.5% worth of goods to buyers in Asia.
Smaller percentages went to Africa (1%), Latin America (0.6%) excluding Mexico but including the Caribbean, then Oceania (0.5%) led by Australia and New Zealand.
Given Ireland’s population of 5.25 million people, its total $209.5 billion in 2023 exported goods translates to $39,900 for every resident in the island country. That per-capita amount lags the average $42,000 in 2022.
Ireland’s Top 10 Exports
The following export product groups represent the highest dollar value in Irish global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Ireland.
- Pharmaceuticals: US$71.7 billion (34.2% of total exports)
- Organic chemicals: $44.2 billion (21.1%)
- Optical, technical, medical apparatus: $19.9 billion (9.5%)
- Electrical machinery, equipment: $10.4 billion (5%)
- Machinery including computers: $10.2 billion (4.9%)
- Perfumes, cosmetics: $7.8 billion (3.7%)
- Other chemical goods: $5.4 billion (2.6%)
- Aircraft, spacecraft: $4.9 billion (2.3%)
- Dairy, eggs, honey: $4.4 billion (2.1%)
- Meat: $4.1 billion (2%)
Ireland’s top 10 exports accounted for 87.4% of the overall value of total Irish shipments.
Aircraft and spacecraft represents the fastest grower among the top 10 export categories, up by 122.5% from 2022 to 2023.
In second place for improving export sales was miscellaneous chemical goods, a product category which rose 32%.
Ireland’s shipments of optical, technical and medical apparatus posted the third-fastest gain in value, up by 7.4% year over year.
The leading decliner among Ireland’s top 10 export categories was electrical machinery and equipment, which fell -37.1% compared to 2022.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Ireland’s Most Valuable Export Products further down below.
Products Generating the Greatest Trade Surpluses for Ireland
Ireland posted an overall US$62.4 billion trade surplus during 2023, down by -12.5% from $71.4 billion in black ink one year earlier in 2022.
The following types of Irish product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Pharmaceuticals: US$58.5 billion (Down by -8.5% since 2022)
- Organic chemicals: $22.8 billion (Down by -16.5%)
- Optical, technical, medical apparatus: $14.6 billion (Up by 6.5%)
- Perfumes, cosmetics: $6 billion (Down by -32.8%)
- Other chemical goods: $4.1 billion (Up by 112.8%)
- Dairy, eggs, honey: $3.34 billion (Down by -7.5%)
- Meat: $3.32 billion (Down by -0.1%)
- Inorganic chemicals: $2 billion (Up by 77.5%)
- Cereal/milk preparations: $1.3 billion (Down by -8.8%)
- Modified starches, glues, enzymes: $671.2 million (Down by -22.6%)
Ireland has highly positive net exports in the international trade of pharmaceuticals, a relatively recession-proof industry albeit it can be subject to product development cycles. The above cashflows indicate Ireland’s strong competitive advantages under the global pharmaceuticals product category.
Products Causing the Greatest Trade Deficits for Ireland
Below are exports from Ireland that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ireland’s goods trail Irish importer spending on foreign products.
- Aircraft, spacecraft: -US$13.9 billion (Down by -1.8% since 2022)
- Mineral fuels including oil: -$9.2 billion (Down by -22.8%)
- Vehicles: -$6.2 billion (Up by 32.1%)
- Machinery including computers: -$5.3 billion (Down by -28.9%)
- Electrical machinery, equipment: -$2.1 billion (Reversing a $2 billion surplus)
- Plastics, plastic articles: -$1.9 billion (Down by -4.7%)
- Knit or crochet clothing, accessories: -$1.3 billion (Down by -6%)
- Clothing, accessories (not knit or crochet): -$1.21 billion (Up by 3.6%)
- Articles of iron or steel: -$1.18 billion (Down by -2.1%)
- Paper, paper items: -$1.1 billion (Down by -2.2%)
Ireland has highly negative net exports and therefore deep international trade deficits for aircraft and spacecraft.
These cashflow deficiencies clearly indicate Ireland’s competitive disadvantages in the trade of aeronautical products, but also represent key opportunities for Ireland to improve its position in the global economy through focused technological innovations.
Major Irish Export Companies
Ireland placed 19 companies on the Forbes Global 2000 rankings. The following selected corporations are examples of world-leading Irish companies.
- Accenture (computer services)
- Actavis (pharmaceuticals)
- Covidien (medical equipment, supplies)
- CRH (construction materials)
- Ingersoll-Rand (conglomerates)
- Kerry Group (food processing)
- Perrigo (pharmaceuticals)
- Seagate Technology (computer storage devices)
- Shire (pharmaceuticals)
- Smurfit Kappa Group (paper products)
According to global trade intelligence firm Zepol, the following companies are examples of entrepreneurial Irish exporters.
- Armstrong Medical (mercury, inorganic bases, calcium)
- Bolger Engineering (iron/non-alloy steel products, electric motor parts, generators)
- Carlow Brewing (malt beer, acyclic polyhydric alcohols)
- Tratech Ireland (machine tool parts and accessories)
Searchable List of Ireland’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Ireland during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Irish Export Product | Value (US$) | YOY |
|---|---|---|---|
| 1 | Blood fractions (including antisera) | $48,581,994,000 | +11% |
| 2 | Heterocyclics, nucleic acids | $23,316,632,000 | +25.3% |
| 3 | Medication mixes in dosage | $22,458,160,000 | -0.5% |
| 4 | Integrated circuits/microassemblies | $11,931,601,000 | +6.7% |
| 5 | Miscellaneous heterocyclics | $10,918,012,000 | +48.6% |
| 6 | Electro-medical equip (e.g. xrays) | $9,463,024,000 | +23% |
| 7 | Hormones, miscellaneous steroids | $7,645,405,000 | +18.4% |
| 8 | Orthopedic appliances | $6,192,056,000 | +2.3% |
| 9 | Scents for beverage/industrial manufacturing | $5,451,962,000 | -40.9% |
| 10 | Computers, optical readers | $3,548,409,000 | +11.3% |
| 11 | Sulphonamides | $2,735,630,000 | -19.5% |
| 12 | Chemical industry products/residuals | $2,426,685,000 | -11.6% |
| 13 | Sutures, special pharmaceutical goods | $2,226,046,000 | +186.4% |
| 14 | Fresh or chilled beef | $2,070,378,000 | +6% |
| 15 | Medication mixes not in dosage | $1,929,370,000 | +1106% |
| 16 | Flour/meal/starch/malt extract food preparations | $1,764,903,000 | +9.5% |
| 17 | Butter | $1,742,603,000 | +32.9% |
| 18 | Aircraft, spacecraft | $1,738,289,000 | -52.1% |
| 19 | Alcohol (including spirits, liqueurs) | $1,529,224,000 | +0% |
| 20 | Optical fiber cables, sheets, plates | $1,301,710,000 | -14.5% |
| 21 | Cheese, curd | $1,287,515,000 | +3% |
| 22 | Processed petroleum oils | $1,200,520,000 | +62.3% |
| 23 | Computer parts, accessories | $1,198,045,000 | -4.1% |
| 24 | Other diagnostic/lab reagents | $1,195,573,000 | +43.7% |
| 25 | Unrecorded sound media | $1,160,347,000 | +8.5% |
| 26 | Jewelry | $1,069,095,000 | -4.5% |
| 27 | Precious metal compounds | $1,002,258,000 | +362.6% |
| 28 | Turbo-jets | $999,770,000 | -38.2% |
| 29 | Concentrated/sweetened milk, cream | $856,973,000 | +28.4% |
| 30 | Miscellaneous meat (preserved/prepared) | $817,961,000 | +6.7% |
| 31 | Phone devices including smartphones | $783,824,000 | -17.2% |
| 32 | Casein, caseinates | $708,476,000 | +26.1% |
| 33 | Frozen beef | $695,178,000 | +17.2% |
| 34 | Aluminum oxide/hydroxide | $640,684,000 | -14.5% |
| 35 | Plastic plates, sheets, film, tape, strips | $597,870,000 | +7.9% |
| 36 | Fork-lift trucks | $578,279,000 | +20.2% |
| 37 | Refrigerators, freezers | $558,948,000 | +12.7% |
| 38 | Bread, biscuits, cakes, pastries | $555,599,000 | +6.6% |
| 39 | Physical/chemical analysis tools | $548,439,000 | -2.2% |
| 40 | Amino-compounds (oxygen) | $495,142,000 | -9.1% |
| 41 | Swine meat | $479,864,000 | -8.4% |
| 42 | Electrical/optical circuit boards, panels | $466,146,000 | +24% |
| 43 | Carboxyamid/amide-function compounds | $453,157,000 | +336.2% |
| 44 | Sheep or goat meat | $450,946,000 | +2.7% |
| 45 | Other measuring/testing machines | $416,141,000 | -3.9% |
| 46 | Miscellaneous animal feed preparations | $415,696,000 | +6% |
| 47 | Aircraft or spacecraft parts | $384,830,000 | 0% |
| 48 | Electric sound/visual signal bells or alarms | $376,141,000 | +19.9% |
| 49 | Live horses, mules | $353,702,000 | -10% |
| 50 | Chocolate, other cocoa preparations | $346,318,000 | -5.8% |
| 51 | Oral/dental hygiene preparations | $341,851,000 | +0.4% |
| 52 | Non-radioactive isotopes | $339,227,000 | +18247% |
| 53 | Miscellaneous plastic items | $335,960,000 | +19.9% |
| 54 | Derricks, cranes | $331,563,000 | +119.7% |
| 55 | Other food preparations | $329,417,000 | -7.8% |
| 56 | Malt beer | $308,953,000 | +10.5% |
| 57 | Packaged insecticides/fungicides/herbicides | $304,912,000 | +25.9% |
| 58 | Electrical energy | $291,686,000 | +100.8% |
| 59 | Whey | $287,886,000 | +14.4% |
| 60 | Ligneous fiberboard including wood | $283,291,000 | +1.4% |
| 61 | Synthetic filament yarn | $282,062,000 | +2417% |
| 62 | Not concentrated/unsweetened milk, cream | $265,064,000 | +32.7% |
| 63 | Mechano-therapy appliances | $264,209,000 | -37.7% |
| 64 | Zinc ores, concentrates | $255,826,000 | +6.4% |
| 65 | Electrical converters/power units | $253,559,000 | -19% |
| 66 | Vulcanized rubber items | $250,241,000 | +58.5% |
| 67 | Centrifuges, filters and purifiers | $242,938,000 | +0.3% |
| 68 | Interchangeable hand/machine tools | $242,356,000 | +22.6% |
| 69 | Plastic packing goods, lids, caps | $240,344,000 | -12% |
| 70 | Printing machinery | $237,734,000 | -17.5% |
| 71 | Heterocyclics, oxygen | $236,597,000 | -20.5% |
| 72 | Plastic plates, sheets, film, tape, strips | $224,170,000 | -8% |
| 73 | Insulated wire/cable | $223,330,000 | +6.1% |
| 74 | Iron or steel scrap | $214,125,000 | +0.4% |
| 75 | Solar power diodes/semi-conductors | $202,572,000 | +27.1% |
| 76 | Red meat offal | $199,048,000 | -2.3% |
| 77 | Sawn wood | $192,500,000 | -11.6% |
| 78 | Cellulose/chemical derivatives | $190,752,000 | +14.5% |
| 79 | Automobile parts/accessories | $184,337,000 | -3% |
| 80 | Concrete/artificial stone items | $182,140,000 | +7.1% |
| 81 | Liquid pumps and elevators | $180,167,000 | +2.7% |
| 82 | Dried organs, heparin | $179,329,000 | +39.1% |
| 83 | Hydraulic cements | $178,641,000 | -10.9% |
| 84 | Antibiotics | $177,726,000 | +250.8% |
| 85 | Whole fish (frozen) | $176,604,000 | -12.1% |
| 86 | Wrist/pocket watches (no precious metal case) | $175,511,000 | +9.5% |
| 87 | Beauty/makeup/skin care preparations | $170,577,000 | -1.4% |
| 88 | Live bovine cattle | $170,155,000 | +18.5% |
| 89 | Plastic tubes, pipes, fittings | $167,252,000 | +33.8% |
| 90 | TV receiver/transmit/digital cameras | $162,941,000 | -27.1% |
| 91 | Miscellaneous engines, motors | $160,558,000 | +13.4% |
| 92 | Miscellaneous machinery | $158,362,000 | -5.5% |
| 93 | Crustaceans (including lobsters) | $157,284,000 | +2.9% |
| 94 | Protein substances, peptones | $151,438,000 | +23.2% |
| 95 | Lower-voltage switches, fuses | $148,842,000 | -18.4% |
| 96 | Plastic builders' items | $147,842,000 | -9.6% |
| 97 | Paper containers, cellulose wadding | $146,162,000 | +15.7% |
| 98 | Taps, valves, similar appliances | $144,341,000 | -6% |
| 99 | Fruit and vegetable juices | $138,514,000 | -2.5% |
| 100 | Stoppers, caps, lids | $138,209,000 | -7.4% |
These 100 exported goods were worth a subtotal of US$195.7 billion or 93.4% by value for all products exported from Ireland during 2023.
In macroeconomic terms, Ireland’s total exported goods represent 29% of its overall Gross Domestic Product for 2023 ($722.9 billion valued in Purchasing Power Parity US dollars). That 29% for exports to overall GDP in PPP for 2023 compares to 32.1% in 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Ireland’s total economic performance, albeit based on a short timeframe.
Ireland’s unemployment rate averaged 4.06% for 2023, down from an average jobless rate of 4.492% for 2022 according to International Monetary Fund statistics.
Ireland’s capital city is Dublin.
See also Ireland’s Top 10 Major Export Companies, Ireland’s Top 10 Imports and Ireland’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 23, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 23, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 23, 2024
International Trade Centre, Trade Map. Accessed on March 23, 2024
Investopedia, Net Exports Definition. Accessed on March 23, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 23, 2024
The Irish Times, Unemployment jumps to over 20% in wake of new restrictions. Accessed on March 23, 2024
Wikipedia, Gross domestic product. Accessed on March 23, 2024
Wikipedia, List of Companies of Ireland. Accessed on March 23, 2024
Wikipedia, Purchasing power parity. Accessed on March 23, 2024