Pharma and medical products drove Irish exports up by a third in May

The value of Irish goods exports surged by a third to €18 billion in May compared with the same month last year, driven mainly by growth in the exports of medical and pharmaceutical products, according to the latest data from the Central Statistics Office.

The data also show the year-on-year value of goods exports for the first five months of 2022 increased by a third to €88.1 billion.

Exports of medical and pharmaceutical products increased by almost two-thirds to €7.1 billion. This represented 39 per cent of total exports. Exports of professional, scientific and controlling apparatus increased by a third to €733 million.

Exports of food and live animals were 28 per cent higher at €1.3 billion, while exports of electrical machinery, apparatus, appliances and parts were 19 per cent stronger at €1.2 billion.

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There were also steep increases to be seen on the imports side, with the unadjusted value up by 46 per cent to €12.8 billion. The value of goods imports for the period from January to May increased by 36 per cent to €53.6 billion.

Imports from Britain increased by 71 per cent to €2 billion. CSO statistician Ciarán Counihan said this is partly explained by the relatively low level of imports in May 2021, which was the fifth month in which post-Brexit customs documentation was required for British trade.

The value of goods imports from Britain over the first five months of the year are 76 per cent ahead of last year at €9.3 billion.

Exports to Britain were up by 27 per cent to €1.5 billion. The main change was an increase in the exports of chemicals and related products, as well as machinery and transport equipment. Exports to Britain accounted for 8 per cent of total exports in May. The value of goods exports to Britain for January to May increased by 32 per cent to €6.9 billion.

Imports from Northern Ireland are 23 per cent up on last year over the five months to May at €1.9 billion. Exports to Northern Ireland for the same period increased by 42 per cent to €2 billion.

The European Union accounted for 35 per cent of total goods exports in May, of which €2 billion went to Germany, €1.3 billion went to the Netherlands and €1.2 billion went to Belgium. Total EU exports were 15 per cent higher than in May 2021.

The United States was the main destination outside the EU, accounting for 30 per cent of total exports. The EU accounted for 27 per cent, which was an increase of 1 per cent compared with May 2021.

The United Kingdom with €2.4 billion (19 per cent), the US with €1.9 billion (15 per cent) and China with €1.6 billion (12 per cent) were the main non-EU sources of imports.