Exports of chemicals and related products soared by €4.8bn from January to April 2024 compared to the same period last year, according to the latest figures published by the Central Statistics Office.
Unadjusted goods exports were €19bn in April this year, up more than €3.8bn from the same month in 2023.
Seasonally adjusted goods exports were €18.8bn in April, up 6pc from a month earlier.
Exports of medical and pharmaceutical products jumped by 66pc to €8.8bn in April compared to the same month last year.
Pharma exports represented almost half of all exports in the month.
“This recent positive development in the pharmaceutical sector in Ireland is very encouraging, given the concerns and reductions in exports last year due to the contraction within the sector faced by companies during the winddown of Covid-19 vaccine production and distribution,” said Carol Lynch, a partner in the customs and international trade department at consultants BDO.
Organic chemicals exports were down 12pc to €2.6bn across the month, according to the analysis.
The CSO also reported that exports of electrical machinery, apparatus and appliances rose by 23pc to €912m in April.
Exports to Britain stood at around €1.3bn in April, accounting for 7pc of total exports that month.
The products with the largest share of exports to this market were chemicals with exports valued at €406m.
This was followed by food and live animals with exports of €339m.
The European Union accounted for €7.6bn of total exports across the months, with the region representing 40pc of total goods exports.
Around €1.8bn of exports went to Germany, with a further €1.8bn going to Belgium.
The newly published data from the CSO also showed that the United States was the main destination for exports outside the EU.
Exports to this market were around €6.5bn or 34pc of the total.
“This clearly demonstrates that while [Britain] remains an important export market Irish businesses have successfully identified new markets,” Grant Thornton tax partner Jarlath O’Keefe said.
Mr O’Keefe added that impact of Brexit controls, introduced at the end of April, should be evident in future reports from the CSO.
“From 30 April 2024, physical, documentary and identity checks are required for medium-risk animal products, plants and plant products imported to Great Britain from Ireland (and all EU countries), as well as high-risk food and feed of non-animal origin from the EU,” he said.
Unadjusted goods imports were valued at €10.2bn in April, down €600m from a year earlier.
Seasonally adjusted goods imports for March were €10.3bn.
Imports of organic chemicals plunged 50pc, while imports of transport equipment, including aircraft, dropped 52pc.
Imports from Britain, valued at €1.27bn, represented 12pc of the total. This was down a third from a year earlier.
“The sustained declined is an indicator that Irish importers are reacting to the challenges of Brexit by sourcing goods from alternative markets,” Mr O’Keefe said.
Overall, Ireland’s seasonally adjusted trade surplus was €8.4bn for the month, up 27pc from March.
