Value of exports from Ireland falls 2bn euros in one month
Topics: IRELAND EXPORT
The latest official trade numbers show goods exports fell in value 14 percent to €11.5 billion in June on the back of declines in exports of medical and pharmaceutical products and transport equipment, including aircraft.
The underlying trend, however, remains positive with the value of goods exports for the six months
The underlying trend, however, remains positive with the value of goods exports for the six months to June up 10 percent to €76.5 billion.
On a monthly basis, exports of electrical machinery increased 59 percent to €687 million in June.
However, exports of medical and pharmaceutical products decreased 3 percent to €3.7 billion while exports of other transport equipment, including aircraft decreased €486 million to €108 million.
The value of goods imports for January to June was €42.7 billion, an increase of €760 million (2 percent) compared with the same period last year.
The State’s export trade is dominated pharmaceuticals, which account for more than 60 percent of total goods exports because of the strong multinational pharma manufacturing base.
The EU accounted for €5.9 billion (49 percent) of total goods exports in June, of which €1.3 billion and €1 billion went to Belgium and Germany respectively.
Antwerp is one of the largest global drug redistribution hubs, and receives most of the State’s pharma exports which are not destined for the US.
The US was the main non-EU destination accounting for just under €3.5 billion (29 percent) of total exports.
The figures show the Republic’s trade with the UK remains steady ahead of the Brexit deadline in October.
The value of Irish goods exports to our nearest neighbour rose 7 percent to €7.25 billion in the first six months of 2019, driven in the main increased exports of mineral fuels, lubricants and related materials.
The value of imports from Britain for the period also rose 10 percent to €9.7 billion during the same period. ■