Pharmaceuticals accounted for nearly two-thirds of the growth in Irish goods exports last year.
The latest trade numbers for November show the value of exports rose by 21 per cent to €102.3 billion in the first 11 months of 2015.
The lion’s share of this growth came from a spike in pharmaceutical exports, which rose by 26 per cent to €59.5 billion.
The figures, compiled by Central Statistics Office (CSO), show exports of organic chemicals were valued at €2.27 billion in November, 97 per cent up on November 2014, while exports of medical and pharmaceutical products rose by 23 per cent to €2.65 billion.
The recovery in domestic demand was evidenced by imports of road vehicles, which rose by €120 (43 per cent) to €401 million in November.
The value of vehicle imports for the year to November was up nearly 35 per cent to €2.97 billion.
Overall, the CSO figures show the value of Irish goods exports fell by 11 per cent to €9.14 billion in November while imports dropped by 1 per cent to €5.76 billion.
As a result, the State’s trade surplus for the month decreased by €1.08 billion or 24 per cent to €3.38 billion.
Despite the monthly decline, the numbers point to another strong year for exports.
On an adjusted basis, the value of goods exports in November was €9.77 billion, representing an increase of €1.9 billion or 24 per cent on the same month in 2014.
Exports of food and live animals also rose by €86 million (11 per cent) to €894 million over the same period.
The EU accounted for €5 billion or 53 per cent of total exports in November, of which €1.5 billion went to Belgium.
Antwerp is one of the largest global drug redistribution hubs and receives most of the State’s pharma exports which are not destined for the US.
The US was the main non-EU destination accounting for 24 per cent or €2.3 billion of total exports in November.
The unadjusted value of imports for November was €5.8 billion, representing an increase of €375 million or 7 per cent on the same month in 2014.
Imports of petroleum fell by €173 million or 46 per cent to €205 million in November.
Collapsing oil prices saw the value of petroleum imports drop from €3.5 billion for the first 11 months of 2015, compared €4.7 billion for the same period in 2014.
The EU accounted for 62 per cent of the value of goods imports in November , with €1.4 billion (25 per cent) coming from Britain.
David McNamara of Davy stockbrokers said a weaker euro in particular has helped export values.
“However, this should begin to wash through the trade data in 2016, leading to a moderation in the exceptional rates of growth seen in 2015,” he added.
