Skip to content

Irish-US exports continue to surge ahead of expected tariffs

John Campbell
Economics and Business editor
Getty Images President Donald Trump and Taoiseach Micheal Martin sitting in the Oval Office. President Trump has his arms open in a red tie and suit, while Micheal Martin has his hands clasped togetherGetty Images
President Donald Trump described the trade imbalance with the Republic of Ireland as "massive"

Irish exports to the US have continued to surge ahead of expected tariffs being imposed next month.

The value of Ireland's US goods exports in January was almost €12bn (£10.1bn), up more than 80% compared to the same month in 2024.

That is likely to reflect companies getting goods, particularly pharmaceuticals, into the US ahead of new tariffs.

US President Donald Trump has vowed to impose a sweeping range of tariffs on 2 April.

Getty The national flag of the Republic of Ireland and the national flag of the United States fly side-by-side on flagpoles.Getty
President Trump has vowed to impose a sweeping range of tariffs on Irish exports to the US on 2 April

President Trump said the move was aimed at "getting back a lot of the wealth that we so foolishly gave up to other countries".

Tariffs are taxes imposed on imported products.

The firms that bring the foreign goods into the country pay the tax to the government.

Governments can use tariffs to protect domestic industries from international competition which can mean higher prices for consumers.

Trump has expressed displeasure at the fact that Ireland sells a lot more to the US than it buys, what is known as a trade surplus.

Last week in a meeting with Taoiseach (Irish prime minister) Micheál Martin, he described the trade imbalance as "massive".

"We want to sort of even that out as nicely as we can, and we'll work together," he added.

PA A number of medicines on a shelf and a hand at the side reaching for an itemPA
A major reason for the Republic of Ireland's trade surplus with the US is the presence of pharmaceutical manufacturers who export most of their Irish output to the US.

In 2024, Ireland's goods exports to the US were worth €72.6bn (£60.4bn) while its imports from the US were valued at €22.5bn (£18.7bn).

That meant Ireland had a goods-trade surplus with the US of just over €50bn (£41.6bn), according to the data from Ireland's Central Statistics Office (CSO).

The major reason for Ireland's trade surplus with the US is the presence of pharmaceutical manufacturers who export most of their Irish output to the US.

The CSO said that in 2024 overall exports of medical and pharmaceutical products rose by 22.4bn or 29% to just under €100bn (£83.1bn).

These products accounted for 45% of all Irish goods exports.

One likely factor for the increase in exports in 2024 is that Eli Lily manufactures its weight loss drug, Zepbound, at a facility in County Cork.

US pharmaceutical companies are in Ireland partially because of the country's low corporation tax rate.

President Trump has described Ireland as "having the entire US pharmaceutical industry in its grasp".