Pharmaceutical exports are booming while fuel prices are driving up import costs

Irish merchandise exports boomed in May on a surge in medical and pharmaceutical sales, which accounted for well over a third of total exports.

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

The value of goods exports rose by 33 percent to 18 billion euros in May compared to May 2021.

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

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

Chemical exports to the USA rose massively compared to May 2021 from €2.8 billion to €4.3 billion. Chemical exports to China also increased significantly, albeit from a lower base.

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

Meanwhile, goods imports in May rose 46 percent from May 2021 to 12.8 billion euros.

Imports of special machinery increased by 366 percent compared to May 2021 to 707 million euros, while the value of fuel increased by 142 percent to just over 1 billion euros.

Imports of organic chemicals rose 71 percent to 2 billion euros, accounting for 16 percent of total imports in May.

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

Imports of goods from the UK continued to rise as fuel prices rose and post-Brexit volumes recovered.

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

Fuel imports from the UK almost quadrupled in the year to May, from €163 million to €632 million, and UK chemicals imports almost doubled.

Imports of machinery and finished goods also experienced a significant increase in the year to May.

Imports from the UK accounted for 16% of the value of total imports in May.

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

Exports to the UK rose 27 per cent to €1.5 billion compared to May 2021, driven by sales of chemicals and machinery.

Exports to the UK accounted for 8 percent of total exports in May.

Imports from Northern Ireland increased by 23 percent to €1.9 billion in the first five months of 2022 compared to the first five months of 2021.

During the same period, exports to Northern Ireland rose by 42 percent to almost 2 billion euros.

The Brexit trade deal came into force in January 2021.

https://www.independent.ie/business/irish/pharma-exports-boom-while-fuel-prices-drive-up-import-costs-41848041.html Pharmaceutical exports are booming while fuel prices are driving up import costs

Fry Electronics Team

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