DAVY VIEW

March’s Irish trade data were encouraging, showing goods exports up 39% on the year to a fresh record high of €16.2bn. Notably, pharmaceutical exports were up 81% on the year to €10bn. The sector had been deemed essential by the Irish government, with efforts to eliminate disruption from travel restrictions. Overall, it’s difficult to see any marked impact from COVID-19 on the trade figures, providing tentative evidence that the defensive nature of the Irish export sector could still limit the damage to GDP.