Pharma exports rebound despite slowdown in covid vaccine production, figures suggest
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Medical and pharmaceutical exports from the Republic rebounded following a slowdown in the sector last year amid a winddown of covid-19 vaccine production, figures suggested.
Central Statistics Office (CSO) figures showed exports of pharmaceutical and medical products jumped to €8.8bn in April, soaring 66% compared to the same period a year earlier.
The sector represented nearly half of total exports during this period, however there have been some concerns about the volatility of the industry in recent years.
“This recovery marks a significant turnaround, indicating resilience and adaptability within the industry,” said Carol Lynch, partner in the BDO customs and international trade services department.
In addition, exports of chemicals and related goods jumped by €4.8bn during the first three months of the year.
Meanwhile, the figures also suggested that Brexit border controls introduced at the start of the year have pushed Irish importers to source goods from alternative markets.
Goods from Britain into the Republic declined by 33% in April, compared to the same month a year earlier, to €1.3bn and the largest decreases were in the imports of chemicals, mineral fuels, lubricants and related products.
However, exports from the Republic into Britain rose by 5% annually but tax partner and head of indirect taxes at Grant Thornton Ireland Jarlath O’Keefe urged caution for exporters “as further UK customs controls are introduced.”