The value of Irish goods exports hit a record €23 billion in January primarily on the back of increased pharma exports to the US.
The figures come as Europe and the US inch closer to an all-out trade war with US President Donald Trump threatening to impose blanket tariffs on all goods imports from the European Union (EU).
Last week he threatened to impose a massive 200 per cent tariff on European drink exports, including Irish whiskey.
The latest Central Statistics Office (CSO) data show seasonally adjusted trade exports grew by €4.8 billion (26.4 per cent) to €23 billion in January. This was the highest monthly total ever recorded, eclipsing the €22.3 billion record in September 2024.
Ireland’s exports to the US swelled to €11.7 billion and accounted for 48 per cent of total goods exports in January, making the US Ireland’s largest export market. Exports to the EU rose by 11 per cent to €7.9 billion.
The figures show exports of medical and pharmaceutical products, which accounted for 61 per cent of total exports in January, grew by 68 per cent (€6 billion) from €8.8 billion to €14.8 billion.
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Seasonally adjusted goods imports fell marginally to €10.8 billion when compared with December, resulting in a trade surplus of €12.2 billion. Imports from the US increased by a third to €2.1 billion and accounted for 19.7 per cent of total import goods trade in January.
“The first set of trade figures for 2025 kicked off with a bang, with a goods trade surplus of €12.2 billion signalling a strong start to the year for Irish businesses,” Robert Purdue form global financial services firm Ebury said.
“Solid GDP (gross domestic product) growth and other key economic markers continue to paint an encouraging picture for the Irish economy, but challenges on the global stage remain,” he said.
“Taoiseach’s recent meeting with US president Trump brought attention to the so-called massive trade imbalance between Ireland and the US, with Trump once again reinforcing his tough stance on EU tariffs,” Mr Purdue said.
“However, hopes for a strong US-Ireland relationship remain intact, raising the possibility that Ireland could sidestep some of the trade pressure facing its fellow EU member states,” he added.
