Dáil Éireann Debate, Tuesday - 28 July 2020
83. Deputy Thomas Pringle asked the Tánaiste and Minister for Business, Enterprise and Innovation if he will provide details of the level of trade between Ireland and Singapore in the years 2018 and 2019; and if he will make a statement on the matter. [18634/20]
Amharc ar fhreagraThe total value of trade in both directions between Ireland and Singapore reached over €6.5 billion in 2018. Singapore is a highly developed market which demands goods and services of the highest quality and Irish companies have traditionally been able to meet these requirements and flourish in this market.
Ireland’s services trade with Singapore is particularly strong and in 2018, the latest year for which CSO data is available, Ireland’s services exports to Singapore were worth €5.4 billion. For confidentiality reasons, CSO data on the value of Services imports in 2018 is not available.
Goods exports from Ireland to Singapore in 2018 were valued at €700 million. In 2019 this value fell by 17% to €579 million. Imports of goods from Singapore in 2018 were valued at €464 million and at €368 million in 2019. Ireland’s principal goods exports to Singapore in 2019 were computers, computer parts and storage devices, medical devices and medical and pharmaceutical products. Ireland’s principal goods imports from Singapore in 2019 were medical and pharmaceutical products, organic chemicals and medical devices.
The latest data available for goods trade with Singapore shows that in the period January to May 2020, the value of goods exports to Singapore rose by 7% to €238 million, compared to a value of €223 million in the same period in 2019. For imports, the value increased by 110% from €134 million in January to May 2019 to €282 million in the same period in 2020.
Strong export growth is essential to the continued growth of the Irish economy, especially in the context of Brexit and COVID-19 recovery. The entry into force of the EU-Singapore Free Trade Agreement in November 2019 makes it easier for Irish businesses to access new opportunities in this market and will eliminate nearly all import duties on EU-Singapore trade within five years of its entry into force. The Agreement will also address non-tariff barriers to trade through measures such as better facilitation of exports of EU animal products. It will benefit Irish companies producing electronics, certain green technologies, and pharmaceuticals, by enabling their goods to be recognised and approved more swiftly and easily while also providing opportunities for Irish-based service providers, in particular providers of financial services, through greater market access.
