Rebound in pharma sector drives an increase in exports  

Value of Irish exports increased by €3.4bn in January compared to the same period last year, CSO data shows

Last year saw a contraction in the pharmaceutical sector following a decline in demand for covid-related products. 

A rebound in the pharmaceutical sector has seen the value of Irish exports increase by €3.4bn in January compared to the same period last year, new data from the Central Statistics Office (CSO) shows.

The decline in demand for covid-related products such as vaccines was a major contributor to the contraction in the sector seen over the course of 2023.

Growth in exports of pharmaceuticals behind €8.8 billion trade surplus in January 2024https://t.co/lY460OZTCS#CSOIreland #Ireland #Trade #IrishTrade #Exports #Imports #Businessstatistics #IrishBusiness #BusinessNews #Brexit pic.twitter.com/Gt9Fls2cHu

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As a result, gross domestic product was estimated to have fallen by 3.4% in the year to the end of December, largely as a result of a decline in multinational-dominated sectors such as the pharmaceuticals.

According to the CSO, the total value of exports stood at €18.1bn in January — an increase of €2.5bn in December and of €3.4bn compared to January 2023.

Imports in January stood at €9.4bn, leaving a trade surplus of €8.8bn.

Earlier this week, the Central Bank forecasted the pharmaceutical sector, along with exports, would see a normalisation in 2024.

Statistician with the CSO Ciarán Counihan said the increase in the trade surplus was “due to a combination of increased exports and reduced imports”.

“The largest increase in exports was due to pharmaceuticals, and the largest reduction in imports was seen in fuels,” he said.

Imports from Britain fell by 50% to €1.3bn during the month compared to the same time last year, with the largest decrease seen in the import of mineral fuels and lubricants. However, Irish exports to Britain were up by €200m year-on-year.

Exports to other EU countries were flat but imports increased by 4% over the year. Exports to the US grew by 22% to €3.37bn, while imports from the US declined 25% to €1.37bn.