Ireland's export relationship with the United States has reached a significant milestone as the value of goods exported in January approached €12 billion (£10.1 billion). This marks an increase of more than 80% compared to January 2024, underscoring a robust trade partnership. The surge in exports comes ahead of anticipated tariffs set to be introduced next month, which are expected to impact this thriving exchange.
This remarkable growth is largely attributed to the medical and pharmaceutical sectors, which have seen a substantial rise in their export value. In 2024, these products accounted for 45% of all Irish goods exports, with the overall exports of medical and pharmaceutical products increasing by €22.4 billion or 29%, reaching nearly €100 billion (£83.1 billion). A significant contributor to this boom is Eli Lily's weight loss drug, Zepbound, manufactured at their facility in County Cork.
President Trump has expressed concerns over Ireland's trade surplus with the US, highlighting the disproportionate trade balance. He remarked that Ireland seems to have "the entire US pharmaceutical industry in its grasp." The data from Ireland's Central Statistics Office (CSO) reveals that in 2024, Ireland's goods exports to the US were valued at €72.6 billion (£60.4 billion), while imports from the US stood at €22.5 billion (£18.7 billion). This resulted in a goods-trade surplus of just over €50 billion (£41.6 billion) for Ireland.
The presence of pharmaceutical manufacturers in Ireland plays a pivotal role in this trade surplus, as they export a majority of their output to the United States. President Trump has reiterated his intention of "getting back a lot of the wealth that we so foolishly gave up to other countries," signaling potential changes in trade policies.
As the deadline for the new tariffs looms, Irish exports to the US continue to surge, reflecting the resilience and strategic importance of this transatlantic trade relationship. The impending tariffs could reshape this dynamic, prompting both nations to reassess their economic strategies.