Rapid growth in sales from the medical and pharmaceutical products sector is supporting overall exports, according to the latest figures from the Central Statistics Office (CSO). Exports from most other sectors, meanwhile, are weak. Cliff Taylor, Economics Editor, reports.
The figures show that exports of medical and pharmaceutical products in the January to October period last year were €12.66 billion, almost €5 billion - or 65 per cent - higher than the same period in 2001.
In the related chemicals sector, total exports rose €774 million, or 5 per cent, to €15.34 billion. Total exports from all industry for the first 10 months of the year rose by €1 billion to €78.79 billion, meaning that excluding the medical and pharmaceutical products sector, the total of exports from all other sectors actually fell by about 9 per cent.
The main area of weakness is in the computer and telecommunications sectors, which are suffering from an international downturn. Exports of office machinery - the category including computers - fell 8 per cent to €1.35 billion; electrical machinery exports dropped 16 per cent to €1.32 billion; and telecommunications equipment exports dropped by 29 per cent to €2.23 billion.
The CSO also published provisional export figures for November, which showed exports of €7.37 billion, up 6 per cent from the previous month and unchanged from the same month last year.
Imports rose 5 per cent to €4.1 billion, leaving a monthly surplus of exports over imports of €3.27 billion. However, in an analysis of the figures, Davy Stockbrokers pointed out that imports were 11 per cent lower than the same month last month, a sign of a weakening economy.
