Between January and April 2024, Irish exports witnessed an upswing by €6.2 billion, reaching €72.4 billion, primarily fuelled by a surge in chemicals and related product exports. Data from the Central Statistics Office (CSO) indicated a buoyant recovery in the pharmaceutical sector following a period of decline the previous year.
In 2023, a significant drop in demand for Covid vaccines and medicines precipitated a bust in Irish pharmaceutical exports, sending the nation’s GDP (gross domestic product) into reverse and triggering a technical recession.
However, in a promising move, by April 2024, medical and pharmaceutical product export figures climbed by €3.5 billion (66%) to €8.8 billion, accounting for nearly half (47%) of total exports during the month. Overall, goods exports in April represented a total value of €19 billion.
Over the same four months of 2024, goods imports diminished by €3.9 billion (9%), dropping to €41.2 billion, compared to the same period the previous year. Britain’s exports to Ireland saw a significant reduction of 33% to €1.3 billion in April 2024 when juxtaposed with the same month the year before.
The biggest drops were observed in the imports of chemicals and related items, and mineral fuels, lubricants, and their associated products.
During April, €7.6 billion (40%) of total goods exports were to the EU, with €1.8 billion each going to Belgium and Germany, and €1.8 million to the Netherlands. In contrast, the US led among the non-EU countries with €6.5 billion (34%) of total exports.
Carol Lynch, a partner at the BDO Customs and International Trade Services Department, lauded the resurgence in pharmaceutical activity as “extremely heartening” in light of the export reductions experienced last year owing to the winddown of Covid-19 vaccine production and distribution.
She added, “This recovery signifies a notable turnaround, hinting at the resilience and versatility within the sector.”
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