Saturday 20 January 2018

EXPORTS fell 4pc in May dragged down by pharmaceuticals - CSO

EXPORTS fell 4pc in May dragged down by pharmaceuticals, new figures from the Central Statistics Office show.

Seasonally adjusted exports were just above the €7.05bn level in May, €314m lower than the previous month.

The main driver was a €579m drop in medical and pharmaceutical product exports with drugs coming off patent feeding into this trend as the market becomes more open to cheaper generics.

There was a €132m fall in the export of petroleum and petroleum-related products.

Meanwhile, seasonally-adjusted imports fell 2pc to €3.98bn, €69m less than in April.

More than half of May's exports were to European Union countries, with Britain making up 13.4pc of the total.

The US accounted for 19pc of exports in the month, making it the largest non-EU destination.

 Meanwhile 65pc of imports in May were from EU countries.

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