Ireland saw a significant increase in goods exports to the United States last year, with figures rising by 34%, primarily driven by the pharmaceutical sector, according to the latest data from the Central Statistics Office (CSO).
Pharmaceutical exports made up the bulk of this growth, with €58 billion out of the €72 billion in goods sent to the US coming from this industry. However, the sector may face challenges ahead, as former US President Donald Trump has indicated he may consider tariffs on drug imports, a move that could impact Irish manufacturers.
Overall, Irish exports reached a record high of €224 billion in 2024, marking a 14% increase compared to the previous year. In contrast, exports to the UK saw a decline, dropping by 10% to €15.7 billion.
The CSO report highlights that December 2024 alone saw unadjusted goods exports rise to €15.5 billion, an increase of €1.7 billion compared to the same month in 2023. The US emerged as the leading non-EU market, accounting for €5.2 billion, or 34%, of December’s total exports.
Exports to EU countries reached €5.6 billion for the same month, with the Netherlands receiving €1.7 billion, Germany €975 million, and France €774.3 million.
The pharmaceutical and medical products sector experienced a notable 29% growth in 2024, with exports reaching €99.9 billion. Imports in this category also rose, climbing by 24% to €15.7 billion.
On the import side, Ireland brought in goods worth €133.6 billion during 2024, reflecting a 5% decrease from 2023. Imports from the US dipped by 2% to €22.5 billion, while imports from Great Britain fell significantly, dropping 21% to €16.6 billion.
Despite the challenges in some markets, Ireland's export performance remains strong, with the pharmaceutical industry playing a pivotal role in this growth. However, potential policy changes in the US could impact future performance, particularly within the drug manufacturing sector.
Pharmaceutical exports made up the bulk of this growth, with €58 billion out of the €72 billion in goods sent to the US coming from this industry. However, the sector may face challenges ahead, as former US President Donald Trump has indicated he may consider tariffs on drug imports, a move that could impact Irish manufacturers.
Overall, Irish exports reached a record high of €224 billion in 2024, marking a 14% increase compared to the previous year. In contrast, exports to the UK saw a decline, dropping by 10% to €15.7 billion.
The CSO report highlights that December 2024 alone saw unadjusted goods exports rise to €15.5 billion, an increase of €1.7 billion compared to the same month in 2023. The US emerged as the leading non-EU market, accounting for €5.2 billion, or 34%, of December’s total exports.
Exports to EU countries reached €5.6 billion for the same month, with the Netherlands receiving €1.7 billion, Germany €975 million, and France €774.3 million.
The pharmaceutical and medical products sector experienced a notable 29% growth in 2024, with exports reaching €99.9 billion. Imports in this category also rose, climbing by 24% to €15.7 billion.
On the import side, Ireland brought in goods worth €133.6 billion during 2024, reflecting a 5% decrease from 2023. Imports from the US dipped by 2% to €22.5 billion, while imports from Great Britain fell significantly, dropping 21% to €16.6 billion.
Despite the challenges in some markets, Ireland's export performance remains strong, with the pharmaceutical industry playing a pivotal role in this growth. However, potential policy changes in the US could impact future performance, particularly within the drug manufacturing sector.
