Ireland’s exports and imports both fell in August compared with the same month last year, according to the latest figures from the Central Statistics Office (CSO). The data shows a notable slowdown in trade activity, driven largely by a steep fall in pharmaceutical exports.
Exports dropped by 6.7% to €16.2 billion in August, down from €17.4 billion in the same period in 2024. This marks the third straight month of decline. Imports also slipped, though more modestly, falling by 1.5% to €11 billion from €11.1 billion.
The CSO highlighted that the most significant decline was recorded in medical and pharmaceutical products — Ireland’s largest export category — which plunged by 20.4%. These goods account for over 40% of total exports. Analysts said the fall was expected, noting that many companies had front-loaded exports in the first half of the year, resulting in a continued slowdown over the summer months.
Exports to the United States saw a sharp drop of 38.5%, primarily due to a 46% reduction in the export of chemicals and related products. Despite this, the U.S. remained Ireland’s largest export destination, accounting for 25.2% (€4.1 billion) of total exports.
Meanwhile, exports to the European Union rose strongly, increasing by 24.6% to €7.7 billion in August, compared with €6.2 billion a year earlier. The Netherlands and Germany followed the U.S. as Ireland’s next biggest trading partners, representing 15% (€2.4 billion) and 11.6% (€1.9 billion) of total exports respectively.
On the import side, Ireland purchased the highest value of goods from the U.S., Great Britain, and Germany. These accounted for 18.3% (€2 billion), 11.5% (€1.3 billion), and 10% (€1.1 billion) of all imports. Imports from Great Britain fell by 2.8% to €1.26 billion, while exports to Britain dropped by 8.3% to €1.1 billion.
Commenting on the data, Carol Lynch, Head of Customs and International Trade Services at BDO, said that while exports to the U.S. had declined, the country remained Ireland’s key trading partner. “US trade policy will continue to have a disproportionate effect on Irish exports,” she said.
Lynch welcomed the introduction of new market access supports by Enterprise Ireland, saying they would help exporters plan more effectively amid ongoing trade policy uncertainty. “As the Central Bank has noted, uncertainty around trade agreements remains high,” she added, pointing to recent remarks by JP Morgan chief executive Jamie Dimon about the negative impact of geopolitical tensions and trade barriers on global growth.
