Value of Irish exports grows to €72bn in first four months as pharma sector rebounds

The value of Irish exports grew by €6.2 billion to €72.4 billion in the first four months of 2024 mainly due to increased exports of chemicals and related products.

The latest trade figures from the Central Statistics Office (CSO) point to a rebound in activity in the pharma sector following a slump last year. The collapse in demand for Covid vaccines and medications triggered a downturn in Irish pharma exports last year, one that led to a reversal in headline GDP (gross domestic product) and a technical recession.

The CSO figures show exports of medical and pharmaceutical products increased by €3.5 billion (66 per cent) to €8.8 billion in April alone and represented 47 per cent of total exports that month.

Goods exports overall in April were valued at €19 billion.

The value of goods imports for the first four months of 2024 fell by €3.9 billion (9 per cent) to €41.2 billion, when compared with the same period of 2023. Imports from Britain fell by 33 per cent to €1.3 billion in April compared with April last year.

The largest decreases were in the imports of chemicals and related products and mineral fuels, lubricants and related products.

The EU accounted for €7.6 billion (40 per cent) of total goods exports in April, of which €1.8 billion went to Germany, €1.8 billion went to Belgium and €1.8 million went to the Netherlands. The US was the main non-EU destination accounting for €6.5 billion (34 per cent) of total exports in April.

Carol Lynch, partner in the BDO Customs and International Trade Services Department, described the rebound in pharma activity as “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”.

“This recovery marks a significant turnaround, indicating resilience and adaptability within the industry,” she said.