Pandemic-led pharmaceutical sales drive €2bn jump in Irish export value
Medical and pharma exports drove a surge in Irish export value in November, the CSO said.
The pharmaceutical sector drove a 17% surge in the value of Irish goods exports in November, CSO figures show, once again highlighting Ireland’s vulnerable reliance on the tech and pharma-heavy multinational sector.
In total, Irish export value jumped €2.1bn to just under €14.5bn in November, with a surge in exports of medical and pharmaceutical products during the Covid pandemic accounting for nearly half of that value.
Economist Alan McQuaid said the export figures highlight Ireland’s two-tier economy. He said while the pharmaceutical exports are likely to continue to thrive, domestic sector exports— particularly SME exports — will come under additional pressure due to changes imposed by Brexit.
“The problem with these sectors [pharmaceutical and technology] is that while they are huge value-added elements, in terms of GDP, they are not huge employers,” he said.
The value of medical and pharmaceutical product exports increased by just under €3bn, or 74%, year-on-year, in November to over €6.9bn. This accounted for 48% of the total value of exports, the CSO said.
Ireland is a huge international centre for pharmaceutical companies, with 24 of the industry’s biggest players — including Pfizer and Johnson & Johnson — located here.
The value of imported goods for November amounted to just over €8.5bn. That was up by 10% on the same month in 2019 and resulted in Ireland having a trade surplus of just under €6bn in November; 12% or €621m over 12 months earlier.
The EU accounted for 40% of Irish exports in November. Exports to Britain rose 35% to €1.46bn, but there was a 9% fall in exports to Britain over the first 11 months of the year.
