Pharma exports last year still lag stellar performance of 2022  

Weakness of pharma and medical equipment exports under scrutiny because they account for around 40% by value of all Irish exports

At €183bn, total goods exports for the first 11 months last year were about €10bn lower than the same period in 2022. Picture: David Creedon

Exports of pharma and medical equipment, Ireland's single most valuable export by product category, appear to have stabilised in November but still lag far behind their earlier stellar performance.

Central Statistics Office figures show that exports of pharma and medical products rose in November from the same month a year earlier, but at €72bn for the first 11 months of 2023 were still running about €2.7bn lower than the same period of 2022. 

Exports of organic chemicals also fell sharply, to €28.5bn in the first 11 months. 

The weakness of exports of pharma and medical equipment has been under scrutiny for some time because they account for around 40% by value of all Irish exports. 

Corporation tax

There were also concerns raised about corporation tax receipts should the fall in pharma exports reflect profit weakness at the foreign-owned pharma giants based here. Some of those concerns have eased following the strong corporation tax receipts the Government collected in the closing months of last year. 

At €183bn, total goods exports for the first 11 months last year were about €10bn lower than the same period in 2022, the figures show. Goods exports for the whole of 2023 are now most unlikely to exceed the €208.8bn sold abroad in 2022.