Business
Irish exports hit record high last year as companies rushed to beat Trump’s tariffs
DCM Editorial Summary: This story has been independently rewritten and summarised for DCM readers to highlight key developments relevant to the region. Original reporting by Irish Times, click this post to read the original article.
The value of Irish exports went up by 16.4 per cent last year to a record €260.3 billion, new figures from the Central Statistics Office (CSO) show.
Exports to the United States were a driver in this increase, with many companies front-loading exports to the country ahead of Donald Trump’s Liberation Day tariffs announcement last April.
The figures, which are preliminary, show the value of goods exported increased by €36.6 billion in the year when adjusted for seasonal factors.
Ireland’s top trading partners were the United States, the Netherlands, and Belgium, as the country exported 42.9 per cent (€111.7 billion), 9.9 per cent (€25.7 billion), and 6.1 per cent (€15.8 billion) of total exports respectively to those countries.
Exports to the US increased by 52 per cent, or €38.2 billion, to €111.7 billion in the year. However, exports to the US fell by €2.3 billion, or by 41.1 per cent, to €3.3 billion in December when compared with the same month of r 2024 when the total was €5.7 billion.
Exports of medical and pharmaceutical products increased by €38.9 billion, or 39 per cent, to €138.6 billion. These products represented 53.2 per cent of our total export of goods in the year.
Robert Purdue, senior client portfolio manager at global financial services firm Ebury, said the figures need to be viewed in context.
“A significant driver was multinationals front-loading goods exports into the US ahead of tariffs,” he said.
“That helped push exports to the US up 52 per cent across the year, but this momentum may prove difficult to sustain into 2026 as a more restrictive trade environment takes hold.
“Indeed, the sharp 41.1 per cent year-on-year fall in exports to the US in December highlights how quickly flows can shift.
“Combined with the recent appreciation of the euro, making Irish goods more expensive overseas, trading conditions could become more challenging in the months ahead.”
Purdue said there were “some supportive tailwinds” with inflation now back at target and the ECB widely expected to hold rates through 2026.
“Financing conditions should stabilise, easing capital costs for SMEs and encouraging investment,” he said. “Planned increases in public capital spending should also help underpin domestic demand.
“That said, uncertainty remains elevated, especially after US president Donald Trump’s Greenland tariff threats.”
