Exports surge to almost €20bn in September on back of roaring pharma trade

Irish goods exports rose to almost €20 billion in September, the second-highest monthly total on record, with big pharma once again the main driving force.

The latest trade numbers from the Central Statistics Office (CSO) show the value of goods exports rose to €19.6 billion in September, €4.8 billion up on September last year.

The strong performance was led by exports of medical and pharmaceutical products, which increased by €1.1 billion or 20 per cent to €6.5 billion. This represented 33 per cent of total exports. Exports of organic chemicals increased by €2.5 billion (143 per cent) to €4.2 billion.

The Republic is a global hub for pharma and medtech, playing host to 24 of the top 25 biggest players, including Pfizer, Johnson & Johnson, Roche, Novartis and AbbVie.

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On the import side, the figures show seasonally adjusted goods imports increased €13 billion, which was €4.5 billion higher than imports in September 2021.

Imports of organic chemicals, also part of the State’s pharma industry, increased by €847 million (141 per cent) to €1.5 billion, representing 11 per cent of total imports.

Comparing the first nine months of 2022 with the same period in 2021, exports of goods increased by 30 per cent, and the value of imports increased by 42 per cent.

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Imports from Britain grew by 41 per cent to €2 billion in September compared with the same month last year with the largest increase being imports of mineral fuels. Exports to Britain decreased by 1 per cent to €1.4 billion in September.

“Imports from Great Britain increased by 41 per cent in September 2022 compared with September 2021. This reliance on the British market remains steadfast, notwithstanding the current economic uncertainty in the United Kingdom at present,” Janette Maxwell, director in tax at Grant Thornton Ireland, said.

The European Union accounted for €7,749 million (40 per cent) of total goods exports in September, of which €2.2 billion went to Germany, €1.8 million went to Belgium and €1.5 million went to the Netherlands.

The US was the main non-EU destination, accounting for almost €6 billion (30 per cent) of total exports in September.