Pharmaceuticals lead the exports field

Pharmaceutical companies continued to outpace the rest of the Republic's export economy dramatically in the first month of this year, according to the latest trade data from the Central Statistics Office.

The figures show that Irish-based pharmaceutical companies exported goods worth €415 million outside the EU in January, a growth of 86 per cent on the same month of 2002.

When all non-EU exports are taken as a whole, January saw flat annual growth, with trade levels increasing by just 1 per cent to €3.3 billion on a seasonally-adjusted basis.

Unadjusted figures show that the chemical sector was worth almost €1.5 billion in non-EU exports, or about half of the January total, despite a 15 per cent annual decline in exports of organic chemicals.

The value of machinery and transport equipment exports to non-EU states fell by 11 per cent to €787 million, year on year.

Imports from non-EU countries were also weak in January, dropping by 10 per cent on the first month of 2002 to reach almost €1.5 billion. The sharpest annual decline came in transport equipment, where non-EU import trade fell back by 96 per cent to €9 million.

Imports of telecommunications and sound equipment was almost halved to €51 million.

Again, medical and pharmaceutical products displayed the healthiest growth, with non-EU imports growing by 65 per cent to €92 million. The US continues to dominate non-EU trade, accounting for 56 per cent of exports in January and 35 per cent of imports.

The latest numbers suggest that US trade may be slowing however. While the value of exports in January was 14 per cent ahead on the same month of 2002, imports fell back by one third on the year.