Irish exports balloon to €161bn in 2020 thanks to, rather than despite, Covid-19 crisis

Economists are wondering if the trends can last, however.

A cargo ship, the S Kuznetsov, at anchor off Myrtleville this morning waiting to enter the Port of Cork. Picture: David Creedon / Anzenberger

Irish exports ballooned by 5.4% last year to reach a new record of almost €161bn thanks to, rather than despite, the Covid-19 crisis as foreign-owned pharma and medical device makers increased sales during the pandemic.  

The bounty has helped to boost the profitability base of multinationals based here and, in turn, lifted the amount in taxes the Government collects in corporation tax revenues, helping to offset much of the major declines in spending taxes such as Vat.