Monday, August 8, 2022

Pharmaceutical exports rise as fuel prices drive up import costs

Irish goods exports soared in May thanks to a rise in medical and pharmaceutical sales, which accounted for more than a third of total exports.

Imports also saw a significant increase, with the value of fuel imports up 142% in the year to May.

Goods exports rose 33% in value to €18 billion in May, compared to May 2021.

Medical and pharmaceutical exports increased by 63% to €7 billion in May this year, compared to May 2021, accounting for 39% of total exports.

Exports of scientific and professional equipment increased by a third, while exports of food and live animals increased by 28% compared to May 2021.

There was a massive increase in chemical exports to the US, rising from €2.8 billion to €4.3 billion compared to May 2021. Chemical exports to China also increased significantly, albeit from a lower base.

The EU accounted for 35% of Ireland’s total goods exports in May, while the US accounted for 30% and the UK 8%.

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Meanwhile, imports of goods rose 46% in May to €12.8 billion, compared to May 2021.

Imports of specialized machinery rose 366% to €707m, while fuels rose 142% in value to just over €1bn, compared to May 2021.

Imports of organic chemicals increased by 71% to €2 billion, representing 16% of total imports in May.

The EU accounted for 27% of total goods imports, with the UK accounting for 19%, the US 15% and China 12%.

Britain’s goods imports continued to rise as fuel prices rose and volumes recovered after Brexit.

The value of imported goods from England, Scotland and Wales rose 71% in May to €2 billion, compared to the same month in 2021.

Britain’s fuel imports have almost quadrupled in the year to May, from €163m to €632m, and Britain’s chemical imports nearly doubled.

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Imports of machinery and manufactured goods also saw a significant increase in the year to May.

Imports from Great Britain were 16% of the value of total imports in May.

Imports increased by 76% to almost €9.3 billion in the first five months of 2022, compared to the same period in 2021.

Exports to Britain rose 27% to €1.5bn compared to May 2021, boosted by sales of chemicals and machinery.

Exports to Great Britain represented 8% of total exports in May.

Imports from Northern Ireland rose 23% to €1.9 billion in the first five months of 2022, compared with the first five months of 2021.

Exports to Northern Ireland rose 42% to just under €2bn in the same period.

The Brexit trade agreement entered into force in January 2021.

Nation World News Desk
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