Pharmaceutical exports soar by 243% in March
New figures from the Central Statistics Office today show that exports of Medical and Pharmaceutical Products soared again in March, while exports to the US also surged.
Pharma exports jumped by 243%, or €16.7 billion, to €23.6 billion in March compared to €6.9 billion the same time last year.
The CSO noted that this represented 63.3% of total exports in March, which highlights the significance of the pharmaceutical industry to the Irish economy.
Today's CSO figures also show that exports to the US surged by almost 395%, or €20.3 billion, to €25.4 billion in March from a figure of €5.1 billion the same month last year, in anticipation of the imposition of tariffs by the Trump administration.
The CSO said that 68.2% of exports went to the US in March, which means that for every €1 worth of goods Ireland exported during the month, almost 70 cent went to the US.
It noted that exports to the US of Chemicals & Related Products also jumped by 536% (€20.1 billion) to €23.9 billion in March from the same time last year.
The CSO said that overall exports hit a record level of €37.3 billion in March, an increase of 94.3% from the March 2024 figure. This resulted in an unadjusted trade surplus of €24.8 billion.
Today's figures also show that the value of exports in the first quarter of 2025 jumped by €34.3 billion (63.6%) to €88.4 billion, when compared with €54 billion in the first quarter of 2024.
Meanwhile, today's CSO figures also show that the unadjusted value of imports increased by €641m, or 5.4%, to €12.5 billion in March compared with €11.8 billion the same month last year.
It added that imports increased by 12.5% to €35.7 billion in the first quarter of this year compared with the same time last year when imports came to €31.7 billion.
Today's figures show that Ireland's top exporting partners were the US, Netherlands and Great Britain, with Ireland exporting 68.2%, 4.4% and 3.4% of total export goods respectively to these countries.
Meanwhile, Ireland imported the highest value of goods from Germany, the US and Great Britain with these countries representing 16.3%, 13.5% and 12.6% of the total import goods trade in March
The CSO noted that exports to Great Britain fell by 31.1% to €1.3 billion in March of this year compared with the same time last year, while imports from Great Britain increased by 4.4% to €1.6 billion.
Commenting on today's figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said the significant increase in exports to the US was largely expected and likely reflects stockpiling ahead of the anticipated implementation of US tariffs in April, as well as expected retaliatory measures from the EU.
"This approach has proven prudent, given the USs introduced a 10% universal tariff on EU goods on April 5. We expect this stockpiling to continue, particularly in light of the proposed increase to a 20% tariff from July on exports to the US, along with various EU retaliatory tariffs of up to 25% on US imports from the same date," she said.
"Of course, the outcome will depend on ongoing EU-US trade negotiations. However, even in the best-case scenario, exporters are unlikely to see the baseline 10% tariff rolled back any time soon," she added.
Ms Lynch also noted the sharp rise in pharmaceutical exports, which she said again appeared to be prudent planning.
"Although pharmaceutical and semiconductor products were temporarily exempted from the 10% tariff, there are serious concerns about the potential for future tariffs under the ongoing Section 232 investigation," she said.
"That investigation has now expanded to include the aviation sector, all areas of significant concern for Ireland. The pharmaceutical industry is clearly planning ahead. While pharma products were excluded from the initial 10% tariff, they remain under the Section 232 review, which could result in a 25% duty," she noted.
Carol Lynch said that with international trade conditions continuing to evolve rapidly, Irish exporters are having to reassess their export strategies.
"Those exporting to the US, and already impacted by the April tariffs, must now consider ways to minimise future exposure. That may involve advanced customs planning or diversifying into alternative markets. At this point, the 10% baseline tariff does not appear likely to be removed," she added.
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