Ireland's goods exports reached over €20 billion for the third consecutive month in November, driven by a strong recovery in pharmaceutical exports. This positive trend comes despite concerns about potential US tariffs and a possible trade war with Europe, which could significantly impact Ireland's trade with the US.
Irish goods exports surpassed €20 billion for the third consecutive month in November, driven by a strong rebound in pharmaceutical exports following a contraction in 2023. The latest trade figures emerge amid concerns about potential US tariffs and the possibility of a trade war between the US and Europe, which could significantly impact Ireland 's substantial export trade with the US.
Incoming US president Donald Trump has pledged to implement tariffs on US imports to improve Washington's trade balance with the rest of the world. According to the Central Statistics Office (CSO), unadjusted goods exports reached €20.5 billion in November, a 28 percent increase compared to the same month last year. Chemicals and related products accounted for over 66 percent of export value at €13.6 billion, highlighting Ireland's position as a prominent hub for pharmaceuticals and medical technology.Overall, the value of Irish goods exports for the first 11 months of 2024 grew by €25 billion or 14 percent to €207.7 billion. Conversely, the value of imports in November declined by 18 percent compared to the previous year, reaching €11.6 billion. This decrease was largely attributed to lower imports of chemicals and related products. Imports of other transportation equipment, including aircraft, decreased by €1.67 billion or 63 percent in November. The European Union accounted for €7 billion (34 percent) of total goods exports in November, with €2 billion going to the Netherlands, €1.4 billion to Belgium, and €1.2 billion to Germany. The US was the primary non-EU destination, representing €8 billion (39 percent) of total exports in November.Robert Purdue, head of Dealing (Ireland) at global financial services firm Ebury, stated that the Irish trade data for November demonstrates a strong performance in goods exports, reflecting the resilience of Irish businesses. With robust demand from key trading partners, Mr. Purdue believes the momentum provides a solid foundation for 2025, a pivotal year for trade. He added that discussions regarding Ireland's potential role in US-Europe trade negotiations, coupled with the prospect of favorable agreements with the incoming Trump administration, present an exciting opportunity for Irish exporters. However, Mr. Purdue cautioned that global uncertainties remain. Geopolitical shifts, supply chain pressures, and currency volatility pose risks that could disrupt progress
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