DUBLIN: Chemicals and related products accounted for 58 per cent of the value of Irish exports in 2014, underscoring the role played by big pharma in the Irish economy.
Figures from the Central Statistics Office (CSO) show the value of Irish exports rose 2 per cent to €89 billion last year, while imports increased by 7 per cent to €53.6 billion – the highest level since 2008.
The combined effect saw the State’s trade surplus fall by 4 per cent to €35.5 billion.
A breakdown of the figures showed exports medical and pharmaceutical products increased by €973 million or 5 per cent to €22.2 billion last year while exports of organic chemicals decreased by €423 million or 2 per cent to €18.1 billion.
Ireland’s main export markets were the US (22 per cent), Britain (13 per cent), Belgium (13 per cent) and Germany (7 per cent).
These states together accounted for 55 per cent of the value of Irish exports.
Imports of machinery and transport equipment increased by €2.1 billion or 17% to €14.5 billion. Imports of miscellaneous manufactured articles also jumped by €715 million or 12 per cent to €6.8 billion.
