Pharma and medical exports down €5.5bn so far this year

Ireland's total exports fell to €82.5bn by the end of May from €87bn in the same period a year earlier, with exports to the US sharply lower in the period. 

The value of pharma and medical exports is running about €5.5bn below levels of last year, Central Statistics Office figures show. 

Pharma and medical exports contribute an outsized share of overall exports, and have come under scrutiny after they unexpectedly fell significantly earlier this year.

Multinationals dominate the sector in Ireland and any weakness could be an early warning of wider or company-specific issues, economists say. 

Exports of goods were €16.7 billion in May 2023https://t.co/tTeYdPcjdX#CSOIreland #Ireland #Trade #IrishTrade #Exports #Imports #Businessstatistics #IrishBusiness #BusinessNews #Brexit pic.twitter.com/EIG8tSylFO

— Central Statistics Office Ireland (@CSOIreland) July 17, 2023

The CSO figures show total chemical and related products fell to €54.4bn in the first five months of the year from €58bn in the same period last year. Medical and pharma exports account for the lion's share of chemical exports and they fell to €30.6bn, down by about €5.5bn from last year. 

Exports of medical and pharma products also fell in the latest month, down by almost €600m, or 8%, in May from May 2022. 

Ireland's total exports fell to €82.5bn by the end of May from €87bn in the same period a year earlier, with exports to the US sharply lower in the period. 

All-Ireland trade was little changed in the period, the CSO figures suggest. Exports from the Republic to the North were running at €1.9bn in the first five months, and imports were at €2.1bn 

Exports to Britain rose 6% to to €7.2bn in the same period and imports gained 2% to €9.4bn.