Loss of drugs patents drags down export performance

The continuing fallout from high-profile drugs losing patent protection helped drag down export performance during June.

Latest external trade figures from the CSO detailed a 1.7% — €126m — fall in seasonally adjusted exports compared to May. Imports also decreased on a monthly basis, falling by €85m, or 2.1%, in June. This resulted in a 1.2% monthly fall in Ireland’s overall trade surplus, to just over €3.42bn.

Chemicals and related products accounted for over 60% — worth nearly €5bn — of the total €8bn value of exports in June. But, on a year-on-year basis, chemical exports were down by 18%, with medical and pharmaceutical product exports falling by €300m, or 12%.