Irish exports to US up 153pc in the first five months of the year
The pattern continued in the month of May, even after Mr Trump put a 90-day pause on the introduction of a 20pc 'reciprocal' tariff on the EU. Exports to the US increased to €10.6bn, up 86.5pc year-on-year, in that month alone.
The increased pace of transatlantic trade pushed the total value of Irish exports to €134.4bn in the first five months of the year, an increase of €42.9bn on the same period in 2024.
Exports of medical and pharmaceutical products represent the biggest share, with €13.7bn exported in May, up 74pc on the same month last year. It is likely that several of the big US pharma companies operating in Ireland, such as Pfizer and Eli Lilly, frontloaded delivery of stock in that period.
By contrast, the value of exports to Britain fell by 12pc in the first five months of the year, dropping from €7.2bn to €6.3bn. The products that account for the largest share of exports to Britain are food and live animals, and machinery and transport equipment.
Ireland's biggest export markets in May were the US, followed by the Netherlands and Britain. Over 10pc of our exports went to the Netherlands, where some products would have re-exported through Rotterdam, Europe's largest seaport.
Imports also rose in the first five months of the year, according to the CSO data. The value of goods imported rose by €4.2bn, or 7.8pc year-on-year, in that period.
Robert Purdue, head of dealing at the global financial service firm Ebury, said 2025 was likely to be a year of two halves for exports, with an 'artificial spike' in H1 followed by a slump, as exporters re-stock.
'New threats of significant tariffs on pharmaceutical products will be hugely concerning for the economy given the critical role this sector plays in Ireland,' he said.
Janette Maxwell, a tax partner at Grant Thornton, said the trend of high exports is unlikely to continue in the long term. 'President Donald Trump's recent threat of 30pc tariffs on goods will significantly change the functioning of trade between the US and the EU, in addition to having a detrimental impact on the Irish economy,' she said.
'Traders are enduring ongoing instability and unpredictability, and this alone will risk damage to transatlantic trade relations, notwithstanding any introduction of potential tariffs. Therefore it is possible that Irish traders will seek alternative export markets as US consumers may simply not pay the inflated prices that would be inevitable should the 30% tariff rate be introduced on Irish goods.'
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