The value of Irish goods exports rose to €91 billion in the first five months of 2024, an increase of 10 per cent from January to May 2023, the Central Statistics Office (CSO) said on Monday.
The improvement was mainly attributed to the increased output of pharmaceutical and medical products, which account for two-thirds of the State’s export trade.
Exports of chemicals and related products, which include pharma products as well as medicinal products, climbed by €5.5 billion in the first five months of 2024 as the sector rebounded from a contraction in 2023.
That decline in pharma sector exports dragged significantly on total exports in 2023, which triggered a contraction in headline Irish gross domestic product (GDP).
Britain and Northern Ireland accounted for €9.2 billion or about 10 per cent of total Irish exports over the period, with the EU remaining the largest market for Irish exports, accounting for more than 38 per cent of the total.
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However, Carol Lynch, partner in the international trade services division of BDO, said the standout statistic in Monday’s data is that live animal exports overtook chemical and pharma products as the largest export to Britain in May. Live animal products worth €370 million were exported to Britain in the month compared with €260 million of chemical and related products.
“This can be attributed to the strength of the domestic food and agricultural economy and is particularly positive considering the increased import controls going into the UK,” she said.
Goods with a total value of more than €28 billion were exported to the US over the period, the CSO said, a 22 per cent increase on last year, making it the second largest export market for Irish goods over the period. “Exports to the United States have grown by €6.2 billion in the year to date, with the export of chemicals and related products accounting for €5.8 billion of that increase,” said Ciarán Counihan, statistician in the CSO’s international trade in goods division.
Meanwhile, the CSO said total unadjusted imports fell by 10 per cent in the first five months of the year to a value of €52.2 million, with unadjusted imports down €1.9 billion to €10.4 billion in the month of May compared with the same month in 2023.
Imports from Britain fell by 29 per cent over the first five months to a total value of €6.9 billion. The largest decreases were in fuels and lubricants as well as in chemical products, including pharmaceuticals.
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