Pharmaceutical products made up more than half (55%) of Ireland's €208.6bn in exports last year, with just five companies accounting for €88bn or 43% of the value of Irish products sold overseas in 2022, figures from the Central Statistics Office (CSO) show.
Ireland exported €112bn worth of pharmaceutical products, falling within the €134bn of chemical & related products shipped abroad last year
The nearly two-thirds (64%) of Irish exports that were chemical products was the largest share among categories, ahead of machinery and transport equipment (€29.2bn or 14%) and food & live animals (€14.7bn or 7%).
Of the €141bn worth of goods imported to Ireland last year, machinery and transport equipment made up the largest share at €52.4bn or 37%, with chemical & related products accounting for €38.1bn or 27% and mineral fuels €13.1bn or 9%.
The 43% share of exports made up by five large enterprises highlights the continuing outsized role in trade of multinationals who base their European operations In Ireland, with 11,000 SMEs accounting for €38bn or 18.2% exports.
Overall, the EU took €80bn worth of Irish exports, of which €25bn went to Germany, while the US was the single largest export market at €63bn (30%), with medical & pharmaceutical products and organic chemicals comprising €44bn or 70% of exports to the US.
Exports to Britain totalled €17.2bn, up 19% year-on-year mainly due to an increase in chemical exports. Some €29.4bn of imports came from the UK, up €10bn from 2021, with imports of mineral fuels & petroleum increasing by more than €5bn.
Of the UK totals, €5bn in exports went to Northern Ireland, and €5.4bn in imports came from the North.
The US was Ireland's second-largest import market at €22bn, including chemical & related products imports of €5.2bn and machinery & transport equipment of €11.6bn, with France, China and Germany making up the top five.
Ireland reported a €41bn trade surplus with the US last year, its biggest surplus ahead of Belgium (+€15bn), Germany (+€15bn), the Netherlands (+€10bn) and Canada (+€3bn), while there were deficits with the UK (-€7bn), France (-€6bn), Israel (-€4bn), Switzerland (-€3bn) and China (-€1bn).
(Pic: Getty Images)
