Ireland’s exports soared to an unprecedented level in March, driven by a sharp rise in pharmaceutical shipments and a surge in trade with the United States, new data from the Central Statistics Office (CSO) has revealed.
According to the CSO, total exports for the month reached a record €37.3 billion — a 94.3% increase compared to March 2024. Much of the growth was attributed to the medical and pharmaceutical sector, which alone accounted for €23.6 billion in exports, a jump of 243% from €6.9 billion in the same month last year. The sector made up 63.3% of total exports, underscoring its critical role in the Irish economy.
Trade with the United States also saw extraordinary growth, rising nearly 395% to €25.4 billion in March from €5.1 billion a year earlier. Exports of chemicals and related products to the US skyrocketed by 536% to €23.9 billion. In total, 68.2% of all Irish exports in March were bound for the US.
The CSO attributed much of the US-bound trade increase to accelerated shipments ahead of new tariffs imposed by the Trump administration. A universal 10% tariff on EU goods took effect in early April, with a potential hike to 20% set for July. In response, Irish exporters appear to have ramped up shipments to beat the deadline.
Carol Lynch, Head of Customs and International Trade Services at BDO, said the increase was expected due to strategic stockpiling. “Exporters are clearly responding to the shifting trade environment,” she said. “With the 10% tariff already in place and a 20% rate on the horizon, businesses are front-loading exports and revisiting their international strategies.”
She noted that while pharmaceuticals and semiconductors were initially exempt from the new tariffs, there are concerns they may be targeted in the future under the ongoing US Section 232 investigation, which now includes sectors like aviation.
First-quarter figures also show a 63.6% jump in exports to €88.4 billion, compared with €54 billion in Q1 2024. Imports, by contrast, rose modestly by 5.4% to €12.5 billion in March, and by 12.5% to €35.7 billion in the first quarter overall.
Ireland’s key export destinations in March were the US (68.2%), the Netherlands (4.4%), and Great Britain (3.4%). However, exports to Britain fell by 31.1% year-on-year, while imports from the UK rose 4.4% to €1.6 billion.
Lynch added that with international trade conditions evolving rapidly, Irish exporters must consider customs planning and market diversification to minimise future risk. “At this stage, there’s little indication that the 10% tariff will be lifted anytime soon,” she said.
