Irish exports up 47% in first five months of 2025 as US stockpiling drives surge in trade
New figures released by the Central Statistics Office (CSO) on Thursday found that the value of goods exports rose to €134.4bn between January and May, up by almost €43bn compared to the same five months of 2024.
Meanwhile, exports of medical and pharmaceutical products rose by almost 74% in May, totalling €13.7bn, representing some 59% of total Irish export goods in the month.
"This is largely driven by growth in the exports of goods to the US," said CSO statistician Jane Burmanje.
May saw exports to the US increase by more than 86% to €10.6bn when compared to the same period last year.
"Year-to-date, exports of goods to the US increased by 153% to €70.8bn compared with the same period last year," Ms Burmanje said.
The products which accounted for the largest share of exports to the US were chemicals and related products at €9.4bn, miscellaneous manufactured articles at €683.6m and machinery and transport equipment at €320.5m. These products represented 88.8%, 6.5%, and 3% respectively of total exports of goods in May.
Meanwhile, goods imports rose by 7.8% between January and May compared with the same period in 2024.
Imports of medical and pharmaceutical products increased by 60.6% to €1.9bn in May compared with the same month last year.
'Continued stockpiling'
"May figures reflect the 'pause' phase which was in effect at the time, between April and 9th July 2," said Carol Lynch, Head of Customs and International Trade Services at BDO.
"At the time, companies were also monitoring Section 232 investigations into, for example, pharmaceuticals and semiconductors, which were excluded from the 10% universal tariff. Therefore, we would expect to see an increase in exports to continue stockpiling."
However, Robert Purdue, Head of Dealing (Ireland) at global financial services firm Ebury warns that following a record spike in exports so far this year, the second half of 2025 may not follow suit.
"Irish exports have driven a significant increase in trade as punitive tariffs drove a rush to accelerate shipments ahead of President Trump's tariffs.
"This suggests 2025 will be a year of two halves with an artificial spike in the first six months of this year likely to be followed by a slump as exporters re-stock and take stock of the new global trade environment.
'New threats of significant tariffs on pharmaceutical products will be hugely concerning for the economy given the critical role this sector plays in Ireland."
Trade negotiations between the EU and the US continue, with US President Donald Trump threathening to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his 'reciprocal' levies on individual countries.
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