Exports up as pharma rebounds in January

Goods exports rose to €18.9bn in January, according to new data from the Central Statistics Office.

This was up 22pc from the same month in 2023.

The increase was driven by growth in exports of medical and pharmaceutical products, the report showed. Pharma exports jumped to almost €9bn in January, up 48pc from the same time in 2023.

This industry accounted for 47.5pc of all Irish exports across the month, the research found.

Exports of electrical machinery and appliances were also up 18pc to €805m in the same period.

Exports to Britain stood at €1.5bn for the month, around 8pc of the total recorded. This was up 15.5pc from January 2023.

Chemicals held the largest share of exports to the market, followed by food and live animals.

The European Union accounted for €7bn of total goods exported from Ireland, around 37pc of the total.

Around €2bn of these exports went to Germany, with €1.8bn going to the Netherlands.

CSO data showed that exports to the US increased by 72pc compared with the prior year, accounting for €4.3bn.

While exports were on the rise, the value of goods imports plummeted by 21pc to €9.1bn in the same period. The largest reduction in imports was seen in fuels, the CSO reported.

Imports in this category were €720m in January 2024, falling 56pc from the same month in 2023.Imports from Britain dropped 50pc from the corresponding period last year.

Ireland’s trade surplus rose to €8.8bn for the month, doubling from €4.1bn reported in December 2023.

“Last month, we noted that the export of pharmaceuticals had stabilised at a lower level following the increased export activity associated with the Covid pandemic,” BDO partner Carol Lynch said. “However, today’s figures when considered in the context of increased exports for the past few months suggests that activity is once again picking up in the Irish pharma sector.”

Grant Thornton tax director Janette Maxwell pointed to UK customs and sanitary and phytosanitary (SPS) requirements, which were introduced at the end of January on all imports to Britain.

“We would expect to see a decline in the export of food and related products to Great Britain in the coming months given the additional responsibilities these new rules have introduced,” Ms Maxwell said.