Value of exports hits 13-year high on back of surging pharma trade

A spike in pharmaceutical exports saw the value of Ireland’s export trade jump to over €9 billion in March - its highest level in 13 years .

Pharmaceutical exports are the bedrock of Ireland’s export trade, accounting for nearly 60 per cent of goods exports.

Provisional figures from the Central Statistics Office (CSO) show the value of exports for March was €9.06 billion, an increase of 21 per cent or €1.56 billion on the same month last year.

The last time the value of exports was above €9 billion was in May 2002, when it reached €9.1 billion.

The main driver was an €1 billion or 58 per cent increase in exports of medical and pharmaceutical products.

The EU accounted for €5.09 billion or 56 per cent of total exports for March, of which 13 per cent went to Britain.

The US was the main non-EU destination accounting for 23 per cent or €2.1 billion of total exports in March.

The seasonally adjusted figures show exports decreased by €164 million (-2 per cent) to €8.3 billion from February.

Coupled with an increase in seasonally adjusted imports for March of €210 million (+4 per cent), the figures show the trade surplus decreased by €373 million (-10 per cent) to €3.4 billion in March.

Investec economist Philip O’Sullivan said: “With chemicals and related products accounting for roughly three-fifths of Irish merchandise exports, developments in that sector can significantly distort the headline trade statistics.”

“The underlying narrative is one of broad based growth in exports, propelled by favourable currency moves and the improved economic performance of a number of Ireland’s key trading partners.”

“Elsewhere, the upturn in investment and personal consumption here has led to an increased appetite for imports. We expect to see more of the same in the months ahead,” he added.