Irish exports jump 22% as pharmaceuticals rebound – CSO

March 20, 2024

Irish exports jumped 22% in January when compared to the same month of 2023, according to the Central Statistics Office.

There were more than €18.9 billion in exports in the month – €3.42 billion more than January of last year.

Most of the increase came from a pick-up in trade to the US – the value of which rose by almost €2.8 billion (72%) to €6.64 billion.

Exports to Britain also rose, with the value increasing by €207m (16%) to 1.54 billion.

Exports to European Union countries fell slightly in the month, but still represented Ireland’s biggest export market with €7 billion in sales in the month.

Medical and pharmaceutical products saw the biggest increase in the month – up €2.9 billion (48%) to €8.99 billion.

That meant that this category alone accounted for 48% of Ireland’s total exports in January.

At the same time Ireland’s imports fell by €2.42 billion (21%) to almost €9.1 billion.

Half of that fall was due to a €1.25 billion (50%) dip in imports from Britain.

Imports from Northern Ireland were also down €78m (18%).

Meanwhile imports from the US fell by €446m (25%) to €1.37 billion.

Imports of mineral fuels, lubricants and related products fell by €907m (56%) to €720m, while organic chemical imports fell by €597m (40%) to €905m.

Overall, it meant that the country’s trade surplus in January was almost €9.84 billion – compared to just under €4 billion in January 2024.

“On the day when the Taoiseach and the US President are meeting in Washington it is important to note the increase in value of exports to USA – up by €2.29bn relative to December 2023,” said BDO partner Carol Lynch. “January export figures are extremely good and reflect a positive outlook for the economy but we have to also factor in forthcoming potential issues in terms geopolitical tensions on the impact on global trade throughout 2024.

“Finally, exports to our nearest neighbour – the UK- also increased by €200m in January 2024 compared with January 2023 – a 16% increase.

“We will watch this next month in light of the border controls introduced at end January to assess the impact particularly on the domestic food and agri industry. There is also a falloff in imports of UK goods which is attributable to imports of mineral oil.”

Article Source – Irish exports jump 22% as pharmaceuticals rebound – CSO – RTE

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