Latest news with #CarolLynch
Irish Independent
4 days ago
- Business
- Irish Independent
Irish exports fell in June, as stockpiling tapered off
Compared to May, exports declined by €6.1bn in June, down 26pc to €17.2bn, according to the latest figures from the CSO. However the value of overseas sales was still up by almost 5pc on the same month last year, when the figure was €16.7bn. The warping effect of President Donald Trump's tariff regime is most clearly seen in the value of exports to the United States. These were down year-on-year by €1.3bn, or 23.4pc, to €4.4bn in June. US exports were also down by almost 60pc compared to May, from €10.8bn to €4.4bn. This indicates that stockpiling of goods in America tailed off heavily after Trump unveiled his slate of 'reciprocal' tariffs on April 2, only to postpone them for 90 days soon afterwards. Almost three quarters of our exports to the US are classified as chemicals and related products, with €3.2bn worth being shipped in June. Carol Lynch, head of customs and international trade services at BDO, said: 'This drop in US-bound exports was expected. The past several months have seen significant front-loading and stockpiling ahead of new US tariffs, with trade flows now normalising. 'Attention now turns to the outcome of the US Section 232 investigation, which will determine whether EU pharmaceuticals will face the new standard US-EU tariff ceiling of 15pc, a lower rate, or potentially a higher one, though the EU insists the 15pc cap will apply.' With Irish businesses energetically seeking out new markets, it is noteworthy that exports to Britain increased by €141.6m or almost 13pc year-on-year to a total of €1.24bn in June. However the three top exporting partners remain the US, Netherlands and Belgium, with almost half of all goods being shipped there. The value of imports is also up year-on-year, reaching €12.3bn in June compared to €11.6bn in June 2024. There was also an increase in the second quarter, with the value of imports reaching €33.9bn, up just over €500m on the same quarter of 2024. Ireland imported the highest value of goods from Germany, the US and France, with these three countries representing about 38pc of all inward trade in June. Imports from Britain were down by €171m last month compared to June 2024. Our nearest neighbour represents just over 10pc of import trade. While the EU and US reached a headline trade deal at the end of last month, including a 15pc tariff rate on most exports from Europe, no further detail has been forthcoming since. The White House's decision on a specific tariff on pharma imports is also awaited, although the EU insists the 15pc rate will apply here too. Carol Lynch of BDO said the priorities for Irish exporters now are to verify whether goods qualify for lower rates based on shipment dates, to confirm tariff classifications and check for exclusions, 'and maintain oversight of US Customs entry status, which can remain open for up to a year'.
RTÉ News
4 days ago
- Business
- RTÉ News
Monthly export figures down 26% in June
New figures from the Central Statistics Office show that on a monthly basis, the value of exports fell sharply in June, down 26.3% from May as exports to the US slowed significantly. The CSO said that exports of goods to the US sank by 59.6% in June to €4.4 billion compared with €10.8 billion in May. The big drop had been expected as the past few months had seen significant front-loading and stockpiling ahead of new US tariffs, with trade flows now normalising. On an annual basis, exports to the US fell by 23.4% to €4.4 billion in June compared with the June 2024 figure of €5.7 billion. The CSO said the value of overall exports rose by 4.8% to €17.5 billion in June from €16.7 billion the same month last year. Ireland's top exporting partners in June were the US, the Netherlands and Belgium, with Ireland exporting 24.9%, 13.9% and 10.1% of total export goods respectively to these countries. Meanwhile, exports to Great Britain increased by 12.8% to €1.24 billion in June compared with €1.10 billion in June of last year. The CSO noted than exports to Great Britain accounted for 7.1% of total export trade in June Today's figures show that exports of Medical & Pharmaceutical Products increased by 8.9% to €7.3 billion in June from €6.7 billion in June of last year - marking 41.4% of total exports. But exports of Organic Chemicals decreased by 29.9% to €1.8 billion in June compared with €2.5 billion the same time last year. The CSO today reported a seasonally adjusted trade surplus of €5.4 billion for June, down from €12.3 billion in May - a drop of 55.7%. Commenting on today's figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said the US remains Ireland's largest trading partner, accounting for almost a quarter of all exports in June, yet exports to the US fell by 23.4% year-on-year to €4.4 billion, and by almost 60% compared to May's figures. She noted that much of this decline was in organic chemicals, while medical and pharmaceutical exports to the US rose nearly 9% to €7.3 billion compared to €6.7 billion a year earlier. Ms Lynch said that attention now turns to the outcome of the US Section 232 investigation, which will determine whether EU pharmaceuticals will face the new standard US-EU tariff ceiling of 15%, a lower rate, or potentially a higher one - though the EU insists the 15% cap will apply. "The White House's 28 July statement confirmed a 15% ceiling on most EU goods, including pharmaceuticals, cars and semiconductors, while the European Commission stressed that this rate is inclusive and represents a maximum," Carol Lynch said. "However, President Trump has also floated the idea of pharmaceutical tariffs eventually rising to 150% and 250%, creating uncertainty over timing and application," she added.
BreakingNews.ie
17-06-2025
- Business
- BreakingNews.ie
Irish exports fell by 43% to €21.9 billion in April compared to March
Ireland's exports fell by 43 per cent in April compared to March 2025, according to the Central Statistics Office (CSO). Exports did increase by €2.5 billion (+12.7 per cent) to €21.9 billion, compared with April 2024 but fell by €16.24 billion in April 2025 compared with March 2025 to €38.1 billion. Advertisement Exports of goods to the US fell by €16 billion (-62 per cent) to €9.7 billion in April 2025 compared with March 2025 (€25.7 billion). However, exports of goods to the US rose by €3.2 billion (48.6 per cent) to €9.7 billion in April 2025 compared with April 2024 (€6.6 billion). Exports of medical & pharmaceutical products were down by €12.8 billion (-54 per cent) in April 2025 compared with March 2025. They went up by €2.1 billion (+23.6 per cent) to €10.9 billion in April 2025 compared with April 2024 (€8.8 billion). Advertisement In the first four months of the year, exports to the United States were up 170 per cent (€37.9 billion) compared to the same period last year - €60.2 billion in the first four months of 2025 compared with €22.3 billion in the same period in 2024. Following the publication, Carol Lynch, head of customs and international trade services at BDO said: 'Overall, we can see that the expected significant exports to the US are now falling back to a lower level, but a level that is still well above that of April 2024 – illustrated by the fact that exports to the US in the first four months of 2025 were 170 per cent higher than in the same period last year.' "Exports of medical and pharmaceuticals represented over 60 per cent of total YTD exports, highlighting Ireland's heavy dependence on this sector. "This is one to watch as pharmaceutical products are currently exempt from Trump's 10 per cent universal tariffs but are subject to Section 232 investigations with a consequent risk of a 25 per cent tariff (if the same rates as resulted from other S232 tariffs apply).' Advertisement Ireland Dublin City Council vows to end plastic bag waste... Read More 'The next most significant date for companies to focus on next will be July 9th when the current 'pause' on lower reciprocal tariffs ends." Ms Lynch said the rate of 25 per cent originally applied to the EU was due to be implemented on 9th April but this has been paused to allow for negotiations between the EU and US. Should those negotiations fail, then the 25 per cent tariff will kick in 'The other big question of interest to Irish exporters is whether the Liberation Day tariffs will in fact be allowed to continue at all. "These tariffs have been 'invalidated' by the US Courts, but they continue to exist while an appeal on the invalidation decision is being heard by the Courts. President Trump has made it clear that he wishes the 10 per cent universal rate to continue as a new minimum - so this is one to watch," she said.
RTÉ News
15-05-2025
- Business
- RTÉ News
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.
