Irish goods exports eclipsed €20 billion for the third consecutive month in November on the back of a strong rebound in pharma exports last year after a contraction in 2023.
The latest trade figures come amid the prospect of US tariffs and the possibility of a tit-for-tat trade war between the US and Europe, which could significantly impact Ireland’s big export trade with the US.
Incoming US president Donald Trump has pledged to impose a ring of tariffs around US imports in a bid to improve Washington’s trade balance with the rest of the world.
The latest figures from the Central Statistics Office (CSO) indicate unadjusted goods exports were valued at €20.5 billion in November, an increase of 28 per cent on the same month the previous year.
Chemicals and related products accounted for over 66 per cent of export value at €13.6 billion, reflecting the Republic’s status as a pharma and medtech hub.
Overall the value of Irish goods exports for the first 11 months of 2024 grew by €25 billion or 14 per cent to €207.7 billion.
On the other side of the ledger, the value of imports in November was down 18 per cent on the same month the previous year at €11.6 billion and down by almost €7 billion during the first 11 months of the year.
Most of the fall-off reflected a downturn in imports of chemical and related products. Imports of other transport equipment, including aircraft decreased by €1.67 billion or 63 per cent in November.
The EU accounted for €7 billion (34 per cent) of total goods exports in November, the figures showed, of which €2 billion went to the Netherlands, €1.4 billion went to Belgium, and €1.2 billion went to Germany.
The US was the main non-EU destination accounting for €8 billion (39 per cent) of total exports in November.
“The Irish trade data for November showcases a strong performance in goods exports, underscoring the resilience of Irish businesses,” said Robert Purdue, head of Dealing (Ireland) at global financial services firm Ebury.
With robust demand from key trading partners, Mr Purdue said, the momentum offered a solid base moving into a pivotal year for trade.
“Talk of Ireland playing a prominent role in US-Europe trade negotiations, coupled with the prospect of favourable agreements with the incoming Trump administration, present an exciting opportunity for Irish exporters,” he said. “However, global uncertainties remain. Geopolitical shifts, supply chain pressures, and currency volatility are all risks that could disrupt progress.”
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