Export of drugs rise 55% on 2002 figures

The pharmaceutical sector continued to dominate growth in the export market in February, according to the latest non-EU trade data from the Central Statistics Office (CSO).

The figures show that pharmaceutical exports to locations outside the EU in the first two months of the year, at 681 million, were 55 per cent ahead of the same period in 2002.

The sector was the most buoyant in an otherwise weak non-EU trade market, in which exports declined by 18 per cent between January and February, and imports fell by 4 per cent.

On a seasonally adjusted basis, companies in the Republic sold goods worth €2.6 billion outside the EU in February, compared with €3.2 billion in January and €2.9 billion in the same month of 2002.

Non-EU imports amounted to €1.4 billion, down from €1.5 billion in the previous month and €1.7 billion a year earlier.

When the first two months of this year are compared with the same period of 2002, unadjusted figures point to a 3 per cent drop in non-EU exports, which fell from €5.6 billion to €5.4 billion.

Export trade was softer in almost all of the Republic's non-EU markets, but the biggest trading partner - the US - held up reasonably well, recording growth of 7 per cent on 2002. Exports to the US were worth almost €3 billion over the first two months.

The Irish market was less fruitful for American companies over the same period, however, with the CSO's data showing a 35 per cent fall in US imports.

Despite the significant drop, the US remained the Republic's most significant non-EU source of imports in January and February, recording import trade worth slightly more than €1 billion.

Exports to Mexico, the destination of a recent Government trade mission, grew by 32 per cent to €110 million, year on year.

When all non-EU destinations are taken together, exports of organic chemicals fell back by 11 per cent to €1.8 billion, while computer exports were 15 per cent lower at €770 million.

On the import side, non-EU trade was 12 per cent weaker than in the same months a year earlier at €2.9 billion. Imports of transport equipment other than road vehicles decreased by 95 per cent to €19 million, while imports of telecommunications and sound equipment were almost halved to €92 million.

Imports of computers were 14 per cent higher at €839 million.

China provided most import growth on a country basis, with the value of incoming trade almost doubling from €147 million in 2002 to €290 million this year.