Preliminary data from the Central Statistics Office (CSO) has revealed a dramatic rise in Irish exports during February, largely driven by a sharp increase in medical and pharmaceutical shipments.
According to the figures, exports of medical and pharmaceutical products soared by €9.2 billion, a staggering 145.7% increase compared to February 2024. The sector accounted for 63.2% of all exports that month, underscoring its critical importance to the Irish economy.
Exports to the United States more than tripled, jumping from €4.2 billion in February 2024 to €12.9 billion this year—an increase of 210.5%. That makes the US Ireland’s most significant export market, accounting for over half (52.5%) of all outbound goods.
This jump appears to be driven by companies rushing to ship goods ahead of anticipated US tariffs, particularly on pharmaceutical and drinks products. The sharp increase in activity comes amid concerns about new trade policies under the Trump administration.
Imports also climbed, with seasonally adjusted figures showing a 14.8% increase (€1.62 billion), bringing the monthly total to €12.6 billion. Unadjusted imports rose by 14.6% to €11.8 billion, compared with February 2024.
On the import side, Ireland sourced the most goods from the US (€2 billion), Germany (€1.5 billion), and Great Britain (€1.4 billion).
Trade with Great Britain remained stable. Exports increased slightly by €1.4 million (0.1%) year-on-year, reaching €1.195 billion, while imports dipped by €46.3 million (3.3%) to €1.36 billion.
She noted that Irish firms are particularly vulnerable to trade barriers with the US and are moving quickly to secure their place in the market.
Carol Lynch, Head of Customs and International Trade Services at BDO, said exporters had been bracing for further sector-specific tariffs following news of a Section 232 investigation into pharmaceutical imports by the US.
Lynch also advised companies impacted by the 10% April tariffs to consider alternative routes, including customs optimisation and diversifying export destinations.
According to the figures, exports of medical and pharmaceutical products soared by €9.2 billion, a staggering 145.7% increase compared to February 2024. The sector accounted for 63.2% of all exports that month, underscoring its critical importance to the Irish economy.
US-Bound Trade Sees Massive Uptick
Exports to the United States more than tripled, jumping from €4.2 billion in February 2024 to €12.9 billion this year—an increase of 210.5%. That makes the US Ireland’s most significant export market, accounting for over half (52.5%) of all outbound goods.
This jump appears to be driven by companies rushing to ship goods ahead of anticipated US tariffs, particularly on pharmaceutical and drinks products. The sharp increase in activity comes amid concerns about new trade policies under the Trump administration.
Broader Export and Import Trends
Overall, seasonally adjusted exports rose by €700.9 million (2.8%) from January, reaching a total of €25.5 billion. On an unadjusted basis, exports hit €24.6 billion, marking a 54.3% rise year-on-year.Imports also climbed, with seasonally adjusted figures showing a 14.8% increase (€1.62 billion), bringing the monthly total to €12.6 billion. Unadjusted imports rose by 14.6% to €11.8 billion, compared with February 2024.
Leading Trade Partners
The US, Netherlands, and Germany were Ireland’s top export destinations in February, with shipments valued at €12.9 billion (52.5%), €1.9 billion (7.7%), and €1.5 billion (6.2%) respectively.On the import side, Ireland sourced the most goods from the US (€2 billion), Germany (€1.5 billion), and Great Britain (€1.4 billion).
Trade with Great Britain remained stable. Exports increased slightly by €1.4 million (0.1%) year-on-year, reaching €1.195 billion, while imports dipped by €46.3 million (3.3%) to €1.36 billion.
Industry Reactions and Insights
Dr Loretta O’Sullivan, Chief Economist at EY Ireland, described the spike in US-bound exports as a strategic pre-emptive move:She noted that Irish firms are particularly vulnerable to trade barriers with the US and are moving quickly to secure their place in the market.
Carol Lynch, Head of Customs and International Trade Services at BDO, said exporters had been bracing for further sector-specific tariffs following news of a Section 232 investigation into pharmaceutical imports by the US.
Lynch also advised companies impacted by the 10% April tariffs to consider alternative routes, including customs optimisation and diversifying export destinations.
