Latest news with #JaneBurmanje
Irish Independent
10 hours ago
- Business
- Irish Independent
Irish exports to US slumped in April
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.'
Agriland
15-05-2025
- Business
- Agriland
CSO: Exports of food/live animals to GB totalled €379.24m in March
New figures published today (Thursday, May 15) by the Central Statistics Office (CSO) show that Ireland exported food and live animals valued at €379.24 million to Great Britain (GB) in March. Overall the total value of food and live animals exported from Ireland grew year-on-year to March 2025 to €1.370 billion, the latest figures highlight. The CSO also outlined in its latest report that exports of goods from Ireland hit a record level of €37.3 billion in March 2025 – with medical and pharmaceutical products a key driver. Source: CSO Jane Burmanje, statistician in the CSO international trade in goods division said: 'In the first quarter (Q1) of 2025, the value of goods exported increased by €34.3 billion (+63.6%) to €88.4 billion, when compared with Q1 2024 (€54 billion). 'In March 2025, exports of goods almost doubled compared with March 2024, increasing by €18.1 billion (+94.3%) to €37.3 billion leading to an unadjusted trade in goods surplus of €24.8 billion. 'Exports of medical and pharmaceutical products more than tripled to €23.6 billion (+243%) in March 2025 compared with March 2024 (€6.9 billion) and represented almost two thirds (63.3%) of total export goods for the month'. CSO According to the CSO, more than two thirds (68.2 %) of export goods went to the US (€25.4 billion), which means that for every €1 worth of goods Ireland exported in March 2025, almost 70c went to the US. But exports to GB – a key market for the food and drink sector – fell by €564.9 million (-31.1%) to €1.3 billion in March 2025 compared with March 2024 (€1.8 billion). The latest CSO 'Goods Exports and Imports March 2025' report underlines the continuing uncertainty that Irish exporters are up against in relation to the US tariffs position. President Trump introduced a 10% baseline tariff in April and in response the European Commission earlier this month published a list of current US imports, worth in the region of €95 billion, which could be subject to new 'EU countermeasures' if current negotiations with the US do not result in the 'removal of US tariffs'. The list, which covers 217 pages, is wide-ranging and includes a 'broad range of industrial and agricultural products' originating in or from the US. Tariffs However MEP Nina Carberry today called on the European Commission to clarify its decision to include bourbon whiskey and thoroughbred horses in the EU's proposed counter-tariff list. Speaking at a hearing on the state of play of EU-US trading relations in the European Parliament, Carberry said that both sectors had long benefited from open, rules-based trade with the US and warned against their use as leverage in broader transatlantic tensions. 'I appreciate the commission's efforts to find a negotiated, balanced solution with the United States. 'However, I am concerned that if the 90-day grace period lapses and these countermeasures are triggered, Ireland could be uniquely exposed, especially in the event of further tit-for-tat escalation. 'The inclusion of sectors, which are vital to Ireland's rural economy and global reputation, is particularly worrying,' she added.
BBC News
15-05-2025
- Business
- BBC News
Trump tariffs: Irish exports to US surged 400% in March
Ireland's goods exports to the United States increased by almost 400% in March as manufacturers raced to get products into the country ahead of President Donald Trump's to the US were worth just over €25bn, compared to €5bn during March made March a record month for overall goods exports from Ireland with sales worth €37bn, almost double the €19bn achieved in March surge was lead by pharmaceuticals with sales of €23.6bn, up by 243% on the same month last year. In April, Trump imposed a minimum tariff of 10% on almost all countries, while proposing extra "reciprocal" duties for some trading partners, including 20% on the later suspended the reciprocal measures, giving partners 90 days to US is Ireland's biggest export market and pharmaceuticals are the most important country is a major manufacturing hub for US companies like Pfizer and Eli Burmanje, statistician at Ireland's Central Statistics Office said: "More than two thirds (68.2%) of export goods went to the USA (€25.4 billion). "This means, for every €1 worth of goods Ireland exported in March 2025, almost 70 cent went to the US." Uncertainty Last week, the Irish government revised down its economic growth forecasts due to the uncertainty unleashed by Trump's tariff expects Ireland's domestic economy to expand by 2.5% this year, down from an earlier forecast of 2.9%.In the event of a tariff war between the EU and US, it said growth this year would be forecast at 2%, falling to 1.75% next does not include the potential impact of additional tariffs on pharma products which were not part of the Foreign Minister, Simon Harris, travelled to Brussels on Thursday to meet the European Trade Commissioner Maroš Šefčovič.Šefčovič is leading the EU's tariff negotiations with the ahead of the meeting Harris said: "Ireland's consistent position remains that we need to get into a substantive, calm, measured and comprehensive dialogue with the United States."At the same time, we understand the need for the EU to undertake further internal preparations in case negotiations are unsuccessful. This is a sensible and measured approach."
