Irish exports increase by €9.5bn to €126bn as big pharma bounces back from slump

Exports of goods from the Republic increased by €9.5 billion to over €126 billion in the first seven months of 2024 as the State shipped greater volumes of pharmaceuticals.
Pharma exports had declined in 2023 on the back of a global downturn in demand in the wake of the pandemic.
The Central Statistics Office (CSO) noted that overall exports to the US have grown by almost €8 billion in the year to date and accounted for more than 30 per cent of the total value of exports during the period.
The agency said exports of goods increased by 17 per cent in July compared with the same month in 2023, with a value of more than €18.3 billion. Imports for the same month were valued at €11.3 billion, up more than €400 million on July 2023.
Exports of organic chemicals increased by €608 million (+37 per cent) to €2.3 billion in July compared with same month last year while exports of electrical machinery, apparatus and appliances grew by €344 million (+56 per cent) to €957 million.
The European Union (EU) accounted for €7,143 million (39 per cent) of total goods exports in July, of which €2.2 billion went to Germany, €1.7 million to the Netherlands and €815 million to Belgium.
The US was the main non-EU destination accounting for €5.7 billion (31 per cent) of total exports in July 2024.
Janette Maxwell, director in tax at Grant Thornton, said there had been a substantial acceleration in export growth to the United States.
“Exports from Ireland to the US have grown by almost €8 billion in the year to date,” she said. “This reflects a number of factors, including an increased specialisation in the production of goods for which international demand is growing strongly and also generally favourable competitiveness developments.”