There is no such thing as a certainty in business or economics. But there are trends, and since 2014 the trend in the value of Irish exports has been upwards, writes Business Editor Will Goodbody.
But there are trends, and since 2014 the trend in the value of Irish exports has been upwards.
Things did bounce back again in June, with the second highest monthly export total ever recorded. And oddly pharma was once again the big driver.But the latest figures, released last week, showed a further 17% decline in overall exports in August compared to the same month in 2022. According to IDA Ireland, over 85 pharma companies operate here, and BiopharmaChem Ireland, which represents the sector, claims it employs 26,000 people directly and another 25,000 indirectly.Within that cohort though there are some particularly large players, like Pfizer and MSD for example.
Analysts are cautious about drawing a direct causal line between the drop in exports from Ireland and the fall off in production of Pfizer's Covid vaccine and its anti-viral. "As the pandemic has eased and global supply chain conditions improved, a run down of accumulated stocks and a return to more normal production levels are likely to explain a significant part of the decline in pharma exports in the first half of 2023 compared to 2022."
But it said it may reflect a number of developments adversely affecting this part of the global ICT manufacturing sector. "It is not possible to determine from publicly available information whether the export controls have affected exports of semiconductors from Ireland.
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