Demand for medicines lifts Irish goods exports 8% in first half

The value of Irish goods exports soared 8 per cent in the first half of 2020 compared to the same period in 2019, as demand surged worldwide for medical and pharmaceutical products manufactured in the State.

In June, exports of medical and pharma products swelled 45 per cent year-on-year to €5.45 billion, according to preliminary trade figures from the Central Statistics Office (CSO). The sector accounted for 39 per cent of total exports, which stood at €13.9 billion on an unadjusted basis in June 2020, up 15 per cent on the value recorded in June 2019.

Over the first six months, total goods exports increased by €5.9 billion compared to 2019, arriving at just below €82 billion.

Exports of electrical machinery, apparatus and appliances also performed well in June, rising 14 per cent year-on-year to €792 million. But exports of professional, scientific and controlling apparatus decreased 27 per cent to €397 million.

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The value of all imports fell 7 per cent to €41.1 billion on an unadjusted basis over the first half of the year.

In June, the unadjusted value of goods imports was €6.84 billion, a decrease of €618 million or 8 per cent compared to June 2019. The decline in the month was led by a year-on-year plummet of 60 per cent to €917 million in imports of aircraft and other items in the CSO’s “other transport equipment” category.

Imports of organic chemicals rose 53 per cent year-on-year to €581 million in June, while imports of apparel and clothing accessories surged 75 per cent to €252 million compared to June 2019.

Geographical pattern

Exports to Britain were valued at €897 million in June, the CSO said. This was down 18 per cent on the June 2019 figure and represented 6 per cent of total exports. Over the first six months, the value of goods exports to Britain fell 14 per cent. Imports from Britain were up 8 per cent to €1.45 billion in June – 21 per cent of all imports – but fell 3 per cent in the first six months.

The EU accounted for 43 per cent of total goods exports in June, with Germany and Belgium the two biggest markets within the trading bloc. The value of exports to the EU rose 30 per cent year-on-year to €6 billion for the month.

Outside the EU, the US was the main non-EU destination, accounting for 25 per cent or €3.47 billion of total exports.

Some 36 per cent of total goods imports came from the EU in June, while 13 per cent came from the US and 8 per cent from China.

On a seasonally adjusted basis, the value of Irish goods exports nudged up 1 per cent in June compared to May, as global economic activity showed tentative signs of beginning again after Covid-19 shutdowns around the world.

Seasonally adjusted goods imports fell 2 per cent in June, or by €135 million, to about €6.45 billion. This resulted in an increase of €284 million, or 5 per cent, in the seasonally adjusted trade surplus, which stood at €6.59 billion in the month.