Irish goods exports to the US fell sharply in June as Donald Trump’s restrictive trade policies impacted the State’s transatlantic trade.
Latest trade figures from the Central Statistics Office (CSO) show the value of exports from Ireland to the US dropped by almost 60 per cent between May and June, falling from €10.8 billion to €4.4 billion.
The June figure was also down by almost a quarter on the same month last year.
Exports of pharmaceuticals to the US surged in the first quarter of 2025 as companies stockpiled product in the US ahead of Mr Trump’s so-called Liberation Day tariffs announcement on April 2nd.
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The latest figures reflect a levelling off in that surge.
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“Ireland’s exporters may have dodged a punishing 30 per cent US tariff, but the 15 per cent blanket rate still marks a step-change from the trading conditions of a year ago,” Alex Deaton, junior dealer at global financial services firm Ebury, said.
“Even with firms now benefitting from some certainty, the reality is a far more restrictive environment, one that is going to have knock on consequences for Irish businesses and the economy,” he said.
The products that accounted for the largest share of exports to the US were chemicals and related items at €3.2 billion, miscellaneous manufactured articles at €622 million and machinery and transport equipment at €412 million, representing 72.3 per cent, 14.3 per cent and 9.5 per cent of total exports to the US in June.
The (unadjusted) value of total goods exports (to all export markets) increased by €801 million (4.8 per cent) to €17.5 billion in June compared with same month last year.
Exports for April, May, and June, which comprised the second quarter, were valued at €63.1 billion, up €9 billion (+16.5 per cent) compared with the same period of last year.
However, the quarterly total was down €26.1 billion (-29.2 per cent) on the first three months of 2025 because of the volatile US trade.
The CSO noted, however, that the value of goods exports to all markets for the first six months of 2025 was still up by 41 per cent at €152 billion compared with the same period of last year (€108 billion).
In terms of the US, exports rose to €75.4 million from €33.6 million year on year in the first six months.
Janette Maxwell, a partner in tax at Grant Thornton, noted that this year had started strongly in terms of Irish exports to the US, which were €11.7 billion in January.
“Somewhat steady levels persisted until the summer, with the exception of March 2025 which had a spike of €25.4 billion,“ she said. “The likely driver for this significant increase was Irish companies seeking to export goods to the US ahead of the potential introduction of tariffs on EU products.
“By way of contrast, a sharp decline in June to €4.4 billion was likely due to post-stockpiling effects and tariff concerns. Whilst the US remains Ireland’s top exporting partner, the uncertainty alone that potential tariffs may create can cause a gradual shift in trade patterns between Ireland and the US.”
