Irish goods exports to the US dropped by 72 per cent in January as trade turmoil linked to US tariffs continues to impact the sector here.
Central Statistics Office (CSO) figures show export volumes to the US fell by €8.8 billion (-71.7 per cent) to €3.5 billion in January compared with January 2025.
The fall-off comes on the back of surge in exports at the start of last year as firms stockpiled product in the US to evade punitive tariffs.
The figures indicated exports of chemicals and related products to the US fell by €8.9 billion (-81.3 per cent) to €2 billion in January compared with the same month last year.
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So far pharma, which accounts for the lion’s share of Irish exports to the US, has avoided tariffs.
The latest CSO trade figures indicated the State exported €16.2 billion worth of goods globally in January, a decrease of €8.7 billion (-35 per cent) compared with January 2025.
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Unadjusted goods imports were €11.4 billion in January 2026, an increase of over €341.5 million.
“This fall was largely driven by a decline in the export of pharmaceutical products over this period,” the CSO’s Jane Burmanje said.
“A record level of goods (€87.4 billion) were exported in Quarter 1 of 2025; however, exports of goods have declined on average each quarter since Q1 2025,” she said.
The CSO’s figures showed Ireland’s top exporting partners in January were the US, the Netherlands and Britain, with Ireland exporting 21.6 per cent (€3.5 billion), 12.8 per cent (€2.1 billion) and 10.9 per cent (€1.8 billion) of total export goods to these three markets.
At the same time Ireland imported the highest value of goods from the US, Britain and China with these countries representing 14 per cent (€1.6 billion), 11 per cent (€1.2 billion) and 10 per cent (€1.1 billion) respectively of the total import trade.
Exports to Great Britain increased by €567.5 million (+47.3 per cent) to €1.8 billion in January.
"Exports from Ireland experienced a sharp fall in the first month of 2026, reflecting a decline in the export of pharmaceutical products which reached records levels in 2025 due to stockpiling to mitigate the risk of US tariffs," Louise Kelly from Deloitte Ireland said.
She also warned that the current conflict in the Middle East presented “an ongoing threat to human life and to global trade.”
“As a vital shipping route, continued disruption will have far reaching consequences,” she said.
Alex Deaton, dealer at global financial services firm Ebury (Ireland) warned the Iran war was “creating fresh uncertainty for Irish exporters, as rising energy costs and inflationary risks could put upward pressure on input costs, squeezing margins.”
He predicted the interest rates were now likely to increase “raising the prospect that financing conditions could become tighter than many businesses had anticipated.”
