Pharmaceuticals fuel a €4.5 billion increase in exports

Ireland’s total exports reached €18 billion in May 2022, according to figures released today by the Central Statistics Office (CSO).

This is an increase of almost 4.5 billion euros or 33% compared to the same month last year.

In the first five months of the year from January to May 2022, the value of exported goods increased by €21,937m to €88,126m. An increase of 33% compared to the same period in 2021.

The value of unadjusted imports of goods was €12.8 billion, an increase of €4 billion compared to the value of imports in May 2021.

Exports of medical and pharmaceutical products saw the largest increase, up €2,737 million or 63% from May 2021.

The total value of exports of medical and pharmaceutical products amounted to 7,072 million euros in May. This represents 39% of the value of total exports during the month.

The value of exports of professional, scientific and control devices also increased by €180 million, up 33%, to reach a total value of €733 million.

At the same time, exports of food and live animals increased by 28% to reach 1,302 million euros.

There was also an increase in the value of exports of electrical machinery, appliances, appliances and parts which increased by €200 million to €1,239 million.

Imports from Britain were €2 billion in May 2022, while exports to Britain were €1.5 billion.

Ciarán Counihan, statistician at the International Trade in Goods Division, said: “Increases in goods exports were mainly driven by growth in exports of medical and pharmaceutical products.

“Imports from Britain increased by 71% to €2 billion in May 2022 compared to May 2021, mainly due to increased imports of mineral fuels and chemicals and related products.

Mr Counihan added: “It should be noted that the significant growth rate of imports from Britain is partly explained by the relatively low level of imports in May 2021. May 2021 was the fifth month in which customs documentation was required for trade with Britain, which impacted our trade with Britain.

Meanwhile, imports from Northern Ireland for the first five months of the year rose by 357 million euros, up 23%, compared to the same period last year.

Exports to Northern Ireland for the period January to May 2022 increased by €586 million, up 42%, compared to the same period in 2021.

The EU was the main source of imports, accounting for €3,458 million or 27% of total merchandise imports in May 2022, an increase of €40 million compared to the same month last year ,

The UK was the main source of non-EU imports, contributing 19% of import value. Next come the United States with 15% of imports and China, which contributed 12% of imports.