Irish exports to the US surged by 81 per cent in January amid suggestions firms may be stockpiling goods in the US ahead a possible trade war.
With the US president Donald Trump threatening to impose tariffs on all EU imports, Central Statistics Office (CSO) figures show goods exports from Ireland to the US rose by over €5 billion to a record €11.7 billion in January and accounted for 48 per cent of total goods exports.
The CSO noted the increase was driven by increased pharma exports.
The Republic is a global hub for pharma, playing host many of the top names, including Pfizer, Johnson & Johnson, Roche, Novartis and AbbVie.
The latest trade data show seasonally adjusted trade exports (overall) grew by €4.8 billion (26.4 per cent) to €23 billion in January. This was the highest monthly total ever recorded, eclipsing the €22.3 billion record in September 2024.
Exports to the EU rose by 11 per cent to €7.9 billion.
The figures show exports of medical and pharmaceutical products, which accounted for 61 per cent of total exports in January, grew by 68 per cent (€6 billion) from €8.8 billion to €14.8 billion.
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Seasonally adjusted goods imports fell marginally to €10.8 billion when compared with December, resulting in a trade surplus of €12.2 billion. Imports from the US increased by a third to €2.1 billion and accounted for 19.7 per cent of total import goods trade in January.
“The first set of trade figures for 2025 kicked off with a bang, with a goods trade surplus of €12.2 billion signalling a strong start to the year for Irish businesses,” Robert Purdue form global financial services firm Ebury said.
“Solid GDP (gross domestic product) growth and other key economic markers continue to paint an encouraging picture for the Irish economy, but challenges on the global stage remain,” he said.
“Taoiseach’s recent meeting with US president Trump brought attention to the so-called massive trade imbalance between Ireland and the US, with Trump once again reinforcing his tough stance on EU tariffs,” Mr Purdue said.
Carol Lynch, head of customs and international trade services at BDO said: “With international trade conditions evolving rapidly, particularly amid potential US tariffs on EU goods, Irish traders must act swiftly to adapt. Those exporting to the US market, in particular, should immediately reassess their strategies to mitigate risks and capitalise on opportunities in the changing landscape.”
