Decline in COVID-19 vaccine exports had impacted sector in previous years
Decline in COVID-19 vaccine exports had impacted sector in previous years
The standout figure from the latest CSO report is the export boom in the chemicals and related products sector, which added €6 billion in value over the first eight months. This sector now represents nearly two-thirds of all exports, with the medical and pharmaceutical industries driving this growth.
A key factor has been the recovery in these industries following the decline in COVID-19 vaccine exports, particularly to the United States. In August alone, exports to the US accounted for 38% of total exports, reflecting a strong demand for medical and pharmaceutical products.
More generally, the latest export figures also highlight a robust upward trend in 2024, with an overall surge of €10.3 billion, or 8%, in the first eight months of the year compared to the same period in 2023. Notably, August 2024 alone saw a year-on-year increase of €1.2 billion, continuing the momentum observed last month.