Exports hit record level of €224 billion last year, with exports to US up 34% – CSO
Exports of goods from Ireland to the US surged by 34% last year, driven by a significant rise in pharmaceuticals, the latest figures from the Central Statistics Office show.
President Donald Trump is examining placing tariffs on drug products sold to the US which could have significant ramifications for manufacturers here.
Overall Ireland had an exceptionally strong year in 2024 with a rise in exports of goods of 14%, but exports to the UK were down 10%.
The really eye catching figure is the surge in exports to the US driven by drug companies based here. Of the €72 billion of goods exported to the US, €58 billion were pharmaceuticals.
Today’s CSO figures show that Irish exports reached a record level of €224 billion in 2024, an increase of €28 billion, or 14%, compared with 2023.
The CSO said that unadjusted exports of goods increased by €1.7 billion to €15.5 billion in December of last year compared with the same month the previous year.
The CSO noted that exports to the US last year rose by 34% to €72.6 billion from €54 billion in 2023.
The US was the main non-EU destination accounting for €5.2 billion or 34% of total exports in December 2024.
Meanwhile, the EU accounted for €5.6 billion (36%) of total goods exports in December 2024, of which €1.7 billion went to the Netherlands, €975m went to Germany and €774.3m went to France.
Exports to Great Britain in December reached €1 billion, or 6% of total exports, but exports to Great Britain for the full year of 2024 decreased by 10% to €15.7 billion when compared with 2023’s figure of €17.5 billion.
Today’s figures show that exports of medical and pharmaceutical products rose by 29% to €99.9 billion in 2024 compared with 2023, while imports grew by 24% to €15.7 billion.
On imports, the CSO said that imports for 2024 were valued at €133.6 billion, down 5% on the figure of €140.3 billion in 2023.
Unadjusted goods imports fell by 3% to €11.7 billion in December 2024 compared with a figure of €11.9 billion the same month in 2023.
The CSO said that imports of goods from the US were down 2% to €22.5 billion last year, while imports from Great Britain decreased by 21% to €16.6 billion compared with €21.1 billion in 2023.
Carol Lynch, Head of Customs and International Trade Services at BDO, said that while today’s CSO figures are very encouraging for Ireland, the manner in which the US is both our largest export market outside the EU and our fastest-growing market in 2024 remains a key concern.
“Exports to the EU reached €88.5 billion, reflecting a 9% increase on 2023, while US exports totalled €72.6 billion, marking a significant 34% growth,” she noted.
“Amid the ongoing trade wars and retaliatory tariffs being proposed by the US, Irish companies should ensure they have prioritised carrying out a risk assessment on their US sales, explore measures to reduce the impact of tariffs, and assess their sales plans across the EU, UK, and Rest of World markets,” she cautioned.
