Pharma exports sees Irish goods to the US more than double in September

Pharmaceutical industry represented almost two-thirds of total exports in September

The Port of Cork Company (PoCC) is working to ensure that Ireland and the southern region remain competitive on the international stage.

Irish exports soared in September, with pharmaceutical goods and a resurgence in trade with the US underpinning an almost 28% rise compared to the same period last year. 

New figures released on Wednesday by the Central Statistics Office (CSO) show that good exports were up by more than €6bn in September, totalling €28.5bn.

On a monthly basis, seasonally adjusted goods exports in September were up by 57% compared to August. 

The latest surge in exports was largely underpinned by the pharmaceutical industry, which represented almost two-thirds of total exports at €18.7bn. Medical and pharmaceutical products rose by almost €8bn on an annual basis, up almost 74%, the CSO found.

Goods destined for the US also soared in the month, more than doubling to €16.3bn in September, with chemicals and related products, which include medical and pharmaceutical goods, making up more than 90% of Irish exports to the US. 

On the flip side, Irish imports rose by just under €400m to €11.1bn in September.

Speaking on the latest trade data from the CSO, senior portfolio manager at global financial services firm Ebury (Ireland), Robert Purdue said: "It’s encouraging to see Ireland’s exporters performing strongly despite the drag from US tariffs, with exports to the US more than doubling year-on-year in September.

“However, with pharmaceuticals continuing to make up the bulk of Ireland’s exports, the sustainability of this growth could be hampered if the US introduces further punitive measures on this booming sector."

Both imports and exports of goods were up in the first nine months of the year compared with the same period last year, CSO statistician Jane Murmanje said, with exports increasing by almost 28% to €212.2bn and imports rising by 5.5% to €104.8bn.

“With Simon Harris now heading the finance ministry, the pressure will be on to protect the pharmaceutical sector," Mr Purdue continued.

"The sector is a key pillar of Ireland’s economy and one of the Department of Finance’s most important revenue drivers, while also supporting smaller exporters that are being squeezed by this more restrictive trading environment."