Ireland exported €21.2 billion of goods in October, up a fifth compared to a year ago, driven by surging pharmaceutical and medical product sales to Europe and the US.
The latest trade data from the Central Statistics Office (CSO) shows goods exports for the first 10 months of 2024 were up 13 per cent year-on-year to €187 billion. They hit €22 billion in September – a record for a single month.
Medical and pharmaceutical products – sectors dominated by the multinational sector here – accounted for more than half of the value of goods exported in October, the CSO said.
The total value of pharmaceutical exports jumped 49 per cent to €11.1 billion in October from the same month in 2023.
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Exports to Britain, meanwhile, have fallen 10 per cent over the first 10 months of 2024, the CSO said, even as sales to the US have grown by 30 per cent.
Carol Lynch, BDO customs and international trade services partner, said the US’s status as the Republic’s largest trade partner could make the economy vulnerable to any tariffs introduced in 2025 after Donald Trump returns to the White House in January.
“Irish companies should continue to monitor the position in the US and the potential for the introduction of additional tariffs in 2025,” she said.
“This should become clearer in January after the presidential inauguration.”
Janette Maxwell, director in tax at Grant Thornton, said it will be “extremely interesting to watch the trajectory of Irish-US trade” in the shadow of the second Trump administration.
“The future of the Irish-US trade relationship has unquestionably been a subject of much discussion in boardrooms across Ireland and the US, as businesses prepare for a second Trump presidency,” she said.
“It is possible that Trump could introduce more restrictions on Irish-US trade in the form of additional regulations and higher customs duties.”
Ms Lynch said Irish exports should also explore the potential of diverting goods to the Mercosur bloc of South American countries after a trade deal, the biggest ever negotiated by the EU, was agreed earlier this month.
Meanwhile, goods imports have fallen by €4 billion in the first 10 months compared with last year, the CSO said. Imports in October were down 2 per cent versus a year earlier, leaving the Republic with a trade surplus of €9.95 billion. That was down 11 per cent from September.
This story was updated on December 16 to correct Carol Lynch’s title to BDO customs and international trade services partner
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