Pharma in spotlight as Irish exports fall by €3bn at the half-year stage
In Of Goods Depot Fell June, The Exports Of January Total The Between To Cork The Start The Country's Container To End Value Tivoli Of €102bn
A fall of €3bn in the value of Irish exports at the half-year stage has again put a spotlight on medical device and pharma products in particular.
The Central Statistics figures show the total value of goods exports fell to €102bn between the start of January to the end of June, from just over €105bn in the same period last year.
A marked decline in medical and pharma exports from 2022 was also reflected in the sharp decline of exports destined for the US, down by 18% at the half-way stage.
Exports of medical and pharma products —which account for the largest share by far of all Irish goods exports — fell to €37.7bn in the first six months from €42.7bn in 2022. However, there were signs of recovery as the value of medical and pharma exports in June 2023 rose from June 2022.
The US is a major market for medical device and pharma products made by foreign-owned giants which have located major facilities in Ireland, and the fall in pharma exports has raised concerns about the major industry based here.
Some economists have said the performance of pharma exports will need to be closely monitored should the policies of the Joe Biden White House to lure high-value manufacturing back to the US have an impact on Ireland.
Meanwhile, the figures show exports of meat and meat products at almost €2.3bn in the first six months were little changed from a year earlier; exports of dairy products and eggs rose to €1.9bn; and the exports of scientific devices rose to €5bn.