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Wednesday, August 17, 2022

Pharma exports jump while fuel prices push up import costs

Irish goods exports jumped in May due to a jump in medical and pharma sales, accounting for more than a third of total exports.

Imports also saw a significant increase, with fuel prices increasing by 142 percent in the year to May.

Goods exports increased by 33pc to €18bn in May compared to May 2021.

Medical and pharmaceutical exports grew 63pc to €7bn in May this year compared to May 2021, accounting for 39pc of total exports.

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

There was a huge jump in exports of chemicals to the US, rising from €2.8bn to €4.3bn as of May 2021. Chemical exports to China also increased significantly, albeit from a lower base.

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

Meanwhile, imports of goods rose 46 percent to €12.8bn in May compared to May 2021.

Specific machinery imports increased by 366pc to €707m compared to May 2021, while fuel increased by 142pc to more than €1bn.

Organic chemical imports rose 71 percent to €2 billion, which is 16 percent of total imports in May.

The EU made up 27 pcs of total goods imports, with the UK making up 19 pcs, the US 15 pcs and China 12 pcs.

Goods imports from Britain continued to rise as fuel prices rose and volumes improved after Brexit.

The value of goods imported from England, Scotland and Wales rose 71pc to 2bn euros in May, compared to the same month in 2021.

Fuel imports from the UK nearly quadrupled in May, from €163m to €632m, with UK chemicals imports almost doubling.

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

Imports from Great Britain accounted for 16 percent of the value of total imports in May.

Compared to the same period in 2021, imports grew by 76pc to approximately €9.3bn in the first five months of 2022.

Exports to Great Britain increased by 27pc to €1.5bn compared to May 2021, driven by sales of chemicals and machinery.

Exports to Great Britain accounted for 8 percent of total exports in May.

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

Exports to Northern Ireland increased 42pc in the same period to just under €2bn.

The Brexit trade deal entered into force in January 2021.

World Nation News Desk
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