The US was Ireland’s largest export market last year, accounting for €54 billion or 28 per cent of all exports, according to the Central Statistics Office (CSO).
The figures highlight Ireland’s vulnerability to incoming US president Donald Trump’s protectionism agenda. Mr Trump is threatening to impose tariffs on all US imports in a move that could trigger a major disruption to global trade.
The president-elect said on Monday that he would hit China, Mexico and Canada with new tariffs on day one of his presidency, in an effort to force them to crack down on illegal immigration and drug smuggling into the US.
The CSO’s data indicated that Ireland exported more than €196 billion worth of goods in 2023, down from €208 billion the previous year.
Two-thirds of the total (€127 billion) were chemicals and related products. Ireland has become a global hub for pharma and medtech, playing host to 24 of the top 25 biggest names in the sector, including most of the big US players, including Pfizer, Johnson & Johnson, BMS and AbbVie.
Highlighting the changing nature of Ireland’s trade, the CSO noted that exports of food and live animals comprised 38 per cent of total exports in 1978, or €1.4 billion. By 2023, these products accounted for just 7 per cent of total exports, with a value of €14.4 billion.
Irish companies are already preparing for impact of Trump’s tariffs
By contrast, exports of chemicals and related products represented 12 per cent of total exports in 1978. By 2008, it accounted for half of all exports, and in 2023 had a value of €127 billion, equating to almost two-thirds of total exports.
Ireland’s second biggest export partner in 2023 was the UK, with €22.4 billion of exports, followed by Germany with €20.4 billion. Belgium and the Netherlands were ranked fourth and fifth.
In terms of regions, the EU was Ireland’s largest trading partner, with over €81 billion of exports in 2023. Almost €60 billion of that was exports of chemicals and related products.
The figures showed Ireland imported €140 billion worth of goods last year. Machinery and transport equipment accounted for 38 per cent of total imports, with a value of over €53 billion. This includes imports of aircraft.
Ireland has had a trade surplus (a surplus of exports over imports) since 1985, when the surplus was €400,000. It peaked in 2020 when the surplus was €75 billion and was recorded as €56 billion in 2023.
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