Irish exports to US slumped in April

Irish Independent

4 hours ago

Figures released by the Central Statistics Office show that the value of exports fell by €16.24bn between March and April, although the figure is still €2.5bn higher than in the same month last year.
The fall-off was most pronounced in the value of goods crossing the Atlantic, with a €16bn decline, or 62pc, in April compared to March. Exports to the US were €3.2bn, or almost 49pc, higher last month than they were in April 2024.
America is Ireland's biggest trading partner, accounting for 44.5pc of total trade last month, or €9.7bn worth of produce. Most of that – over 84pc – was classified as 'chemicals and related products', which includes medicines and pharmaceuticals.
Pharma has so far avoided a sectoral-specific tariff, although Mr Trump has again threatened to impose one. Speaking to journalists on Air Force One as he returned from a meeting of G7 leaders, the US president said: 'We're going to be doing pharmaceuticals very soon.'
Speculation about the level of tariff that may be applied has hovered around 25pc. Pharma products are not covered by the baseline 10pc tariff that Mr Trump imposed in April when he announced a reprieve until July of the series of reciprocal tariffs he had announced in the Rose Garden of the White House on 'Liberation Day'.
Importers in the US had been stockpiling pharmaceutical products in advance of that announcement, but their sales tapered off in April, the CSO figures indicate.
Jane Burmanje, a statistician in the International Trade in Goods Division of the CSO, said: 'The fall in the value of exports of goods in April compared with March 2025 is primarily driven by a decline in exports to the US. Exports of goods there fell by €16bn to €9.7bn in April compared with March, when they were €25.7bn.'
She pointed out that exports of medical and pharmaceutical products fell by €12.8bn in April compared with March, but were still €2.1bn ahead of the same month last year.
'In the first four months of the year, exports of medical and pharmaceutical products represented 60.2pc (€66.9bn) of total exports,' Ms Burmanje pointed out. 'This was a 117pc (€36.1bn) increase on figures from 2024 (€30.8bn).'
The value of goods imports was also down last month, declining by 18pc to €10.8bn. Imports were very slightly down on the figures for April 2024.
Imports of goods from the US fell by €600m, or 33pc, in April, and were down by roughly the same amount on April 2024. The products which accounted for the largest share of imports were chemicals, machinery and transport equipment.
Janette Maxwell, international indirect tax partner at Grant Thornton Ireland, said: 'Imports of products to the US from Ireland likely plummeted as Irish traders ended the front-loading of goods across the Atlantic ahead of the potential tariff impact.
"Notwithstanding this slow down, the US remained Ireland's top exporting partner for April, well ahead of the second and third highest export partners - Netherlands and Great Britain - demonstrating the huge dependence the Irish market still has on US exports.'