Irish pharma exports soared in January amid Trump tariff fears

Tomas Doherty

Ireland ed a goods trade surplus of €12.2 billion in January this year, driven by a rise in pharmaceutical exports amid growing fears of US tariffs.

The unadjusted value of goods exports rose by €5.3 billion (28.2 per cent) to €24.2 billion compared with January last year, according to the Central Statistics Office.

Exports of medical and pharmaceutical products, which ed for 61 per cent of total exports in January, grew by 68 per cent compared with last year, from €8.8 billion to €14.8 billion.

The US was both the largest export and import market for Irish goods in January, ing for 48.4 per cent of total goods exports and 19.7 per cent of goods imports.

Robert Purdue from global financial services firm Ebury said the first set of trade figures for 2025 signalled a strong start to the year for Irish businesses.

"Solid GDP 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.

"The 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.

"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.

"That said, uncertainty persists. With European economies under strain and global trade tensions simmering, Irish businesses must remain agile. Hedging against currency fluctuations and reinforcing supply chain resilience will be key to managing potential volatility at home and abroad."