Irish exports reached a record high in 2024, with the total value increasing by 14% to €223.8 billion, despite the looming threat of a potential trade war with the United States.
The surge was largely driven by a significant boost in medical and pharmaceutical exports, which saw a 29% rise to €99.9 billion, making up 45% of all goods sent overseas, according to the Central Statistics Office (CSO).
The timing of these figures is particularly politically sensitive, as U.S. President Donald Trump has expressed frustration with his country’s trade deficit and has hinted at imposing tariffs on global trading partners. The U.S. trade deficit in goods reached a record $1.2 trillion (€1.1 trillion) last year, with economists attributing this imbalance to the strength of the U.S. dollar, making imports cheaper and U.S. exports more expensive.
In 2024, Irish exports to the U.S. totaled €72.6 billion, marking a 34% increase compared to the previous year, while imports from the U.S. to Ireland amounted to €22.5 billion, a 2% decrease from 2023.
Concerns for Ireland’s pharmaceutical industry are rising, as major U.S.-based companies like Pfizer manufacture drugs in Ireland and export them back to the U.S., benefiting from Ireland’s low tax rates. This has contributed to the U.S. Treasury missing out on revenues, prompting fears that Trump may seek to bring such multinationals back to the U.S., though analysts argue significant incentives would be required for this shift.
Additionally, Ireland’s imports of services from the U.S. reached €186.6 billion in 2023, far surpassing the amount of goods the U.S. imports from Ireland. This gap is largely due to payments made by U.S. companies operating in Ireland for the use of intellectual property.
In terms of trade within the EU, Ireland exported €5.6 billion worth of goods in December 2024, with the Netherlands receiving €1.7 billion, Germany €975 million, and France €774.3 million.
