Business Irish

Monday 5 December 2016

Medical and pharma exports bolster July figures

Published 15/09/2015 | 02:30

Jobs Minister Richard Bruton said consistent growth in exports is driving a strong employment recovery.
Jobs Minister Richard Bruton said consistent growth in exports is driving a strong employment recovery.

Ireland's goods exports suffered a sharp month-on-month fall in July, but the value of exports over the last year is up by a quarter.

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Preliminary figures for July show that seasonally adjusted goods exports fell by €596m, or 6pc, to €8.76bn from June, according to the data from the Central Statistics Office (CSO). On an annual basis, however, the value of goods exports was €9.1bn, representing an increase of 25pc compared with the same month last year.

David McNamara of Davy Stockbrokers predicted the country's export sector looks set for a strong end to the year, although perhaps not at the growth rates seen in the first half.

"The big picture is that Ireland's export sector is still benefiting from the effects of a weaker euro, with surveys pointing to a strong end to 2015 - albeit not quite at the exceptional growth rates seen in the first half of the year," he said.

The main drivers behind the increase were exports of medical and pharmaceutical products, up by a massive €1.14bn, or 69pc, to €2.8bn, and exports of organic chemicals increasing by €389m, or 39pc, to €1.38bn.

Jobs Minister Richard Bruton said consistent growth in exports is driving a strong employment recovery.

"Over 125,000 extra jobs have been created since we launched the Action Plan for Jobs in early 2012, with the exporting sectors accounting for almost half of this growth," he said. "It is crucial of course that, alongside continued strong performance in exports, the domestic economy is accounting for large parts of the growth in a sustainable way."

Separately, Eurozone industrial production was stronger than expected in July, rising thanks to a higher volume of energy, capital and durable consumer goods, data from Eurostat showed. Industrial output rose 0.6pc month-on-month for a 1.9pc year-on-year gain.

Eurostat also revised up data for June to a 0.3pc monthly fall from -0.4pc and to a 1.5pc year-on-year rise from the previously reported 1.2pc increase.

The July numbers were mainly driven in part by a 3pc monthly rise in the output of energy.

Irish Independent

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