UK trade via Northern Ireland to the Republic of Ireland (ROI) is booming, with imports to Northern Ireland up 23 per cent and 42 per cent in the opposite direction.
The increase in movement of food and live animals from Northern Ireland to ROI was steep, rising from €119 million to €544 million.
Businesses adjusting to new systems
The Guardian newspaper reported that ROI official Government data released in Dublin by the Irish Central Statistics Office (CSO) showed that imports from Northern Ireland to the south increased to €1.9 billion between January and May 2022, compared with the same period in 2021.
Trade in the other direction showed a similar figure of €1.9 billion in the same comparative periods.
Elsewhere, imports from the UK to ROI also increased from €5.2 billion in January to May 2021 to €9.3 billion in January to May 2022, according to a report in the Irish News.
Increase in mineral fuel imports
The latest CSO figures suggest exporters in Britain have become accustomed to new systems, which initially led to some post-Brexit disruption.
Higher imports from the UK were driven by mineral fuels, chemicals and related products.
The data agrees with a report from the trade manufacturing body Make UK, which shows that 63 per cent of Northern Ireland’s exports go to the EU, more than any other nation or region in the UK.
Under the Northern Ireland protocol, EU law on exports is observed to enable an open border with the republic.
No delay on Australian trade deal
The news comes as the UK Government has said there will not be a delay in the ratification of the trade deal with Australia.
This is even though there has been no parliamentary debate on the agreement so far.
International trade minister Ranil Jayawardena announced while responding to an urgent question in the House of Commons from Conservative MP Anthony Mangnal.
‘Balance to be struck’
Labour’s Shadow Trade Secretary, Nick Thomas Symonds, accused the Government of breaking its promise to offer MPs the chance to properly scrutinise the deal.
Jayawardena said that a debate could be held in the autumn following the summer recess but said that there is a “balance to be struck” between speed and scrutiny.
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.