Irish goods exports hit a record €22.2 billion in September, driven by increased exports of pharmaceuticals both to Europe and the US.
The latest trade data from the Central Statistics Office (CSO), which show chemicals and related products made up over 70 per cent of the value of Irish exports, come amid warnings that the incoming Trump administration in the US, which is threatening to impose tariffs on all US imports, could trigger a major disruption in transatlantic trade.
“Although any impact will not be felt until further into 2025, it will be important that the Irish economy braces itself for potentially more intrusive regulations, higher customs duties and more restrictions on Irish-US trade,” Janette Maxwell, director in tax at Grant Thornton, said.
Carol Lynch, customers and trade partner with BDO Ireland, also sounded the alarm, noting the US now represented the Republic’s largest export market outside of the EU, accounting for 31 per cent of total exports in September.
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“The fact that September was our record month for exports and, also, our record level of exports to the US illustrates a vulnerability for the Irish economy in the context of anticipated tariffs that would lead to a contraction around US multinational presence here following the US election,” she said.
“Within this, a significant concern for us is that the pharmaceutical and chemicals sectors now represent nearly two-thirds of all exports and around 80 per cent of our exports to the US are in this space,” she said.
“Concerns around this may have heightened overnight with the appointment of Robert F. Kennedy junior as health secretary [in the US],” she said.
The latest numbers show that after a decline last year, Irish goods exports have grown by 12 per cent in the first nine months of the year to almost €166 billion. Exports of medical and pharmaceutical products increased by €4.6 billion or 77 per cent to €10.7 billion in September, accounting for 48 per cent of total exports.
Exports of organic chemicals, also connected to the State’s big pharma industry, increased by €1 billion (+17 per cent) to €3.7 billion.
The EU accounted for €10.4 billion (47 per cent) of total goods exports in September, of which €2.6 billion went to Belgium, €2.4 billion went to the Netherlands, and €1.7 billion went to Germany. The US was the State’s main non-EU destination accounting for €6.9 billion (31 per cent) of total exports in September.
The CSO figures show goods imports as a whole fell by €1.5 billion to €11 billion in September giving rise to a seasonally adjusted trade surplus of €11 billion for the month, up €5.6 billion or 103 per cent on the previous month.
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