Exports jump by 47% in first five months of 2025 – CSO
Exports of medical and pharmaceutical products jumped by almost 74% in May to €13.7 billion when compared with the same month last year, according to the latest figures from the Central Statistics Office.
The CSO says medical and pharmaceutical products accounted for over half (58.7%) of all goods exported in May, with the total value of exports for the month reaching €23 billion.
The US is the largest export market for Irish goods, and in May exports to the US rose by 86.5% to €10.6 billion compared to the same month last year.
Between January and May exports to the US have seen a significant rise on the same period last year – increasing by 153% to nearly €71 billion.
The jump in exports to America comes amid the potential threat of elevated tariffs being placed on EU goods entering the country, with reports of companies trying to get high levels of product into the US before any higher tariffs are in place.
Overall, goods exports from Ireland in the first five months of the year were valued at €134.4 billion, which is an increase of €42.9 billion (46.9%) on the same time in 2024.
Meanwhile, the CSO figures also show that goods imports into Ireland rose by €4.2 billion (7.8%) between January and May, when compared with the same five months in 2024.
Imports of medical and pharmaceutical products increased by €703.8m (60.6%) to €1.9 billion year on year in May, the CSO added.
Carol Lynch, Head of Customs and International Trade Services at BDO, said today’s CSO figures reflect the “pause” phase which was in effect at the time – between April and July 9.
“This was the period during which tariffs were suspended at 10%, pending the outcome of EU-US trade negotiations. At the time, the threat was an increase to 20% should these be unsuccessful. This has now increased to 30% as of last week, with the negotiation phase extended to August 1,” Ms Lynch noted.
“In addition, at the time, companies were also monitoring Section 232 investigations into pharmaceuticals and semiconductors, which were excluded from the 10% universal tariff. Therefore, we would expect to see an increase in exports to continue stockpiling,” she added.
Ms Lynch said that pharma products include finished goods but, more importantly for Ireland, intermediates and APIs (including the active ingredients in weight loss drugs) which are used for further or final manufacturing in the US.
“We can see from these figures how important the export of pharma products to the US is to Ireland,” she stated.
“Of most significance here is the increasingly probable introduction of tariffs on this sector. President Trump has made it clear he wants pharma companies to repatriate production to the US and has seen some success in this, with announcements of US investments from Novartis, Eli Lilly, Johnson & Johnson and AstraZeneca,” she said.
“However, he has also acknowledged the fact that increasing US production takes time. In his most recent statement, this was reflected by threatening to introduce low tariffs on this industry with effect from August 1, building to 200% after a year or so,” she said.
“While it would not be possible to build and produce new pharma products within a year, this is a signal of intent. Therefore, while the potential pause on increasing tariffs is currently suggested at a year or so, ideally this would, in fact, be a minimum of five years,” she added.
Janette Maxwell, Partner in tax at Grant Thornton, said that US President Donald Trump’s recent threat of 30% tariffs on goods entering the US from the EU will significantly change the functioning of trade between the US and the EU, in addition to having a detrimental impact on the Irish economy.
“Traders are enduring ongoing instability and unpredictability, and this alone will risk damage to transatlantic trade relations, notwithstanding any introduction of potential tariffs,” she said.
“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,” she added.
Article Source – Exports jump by 47% in first five months of 2025 – CSO