Value of Irish exports hits record high as US demand grows 64%
Between And 9bn Exported September, Worth Goods Ireland €165 January Of Has
The value of Irish exports surged to €22.2bn during September, the highest monthly figure ever recorded, with the US being the fastest growing market for goods, new data from the Central Statistics Office shows.
Compared to September last year, the value of exports increased by 40% or €6.4bn. The EU accounted for €10.4bn of all goods exported from Ireland, a 45% increase, while the US accounted for nearly €7bn in exports, a 64% increase.
One of the main drivers for the increase was medical and pharmaceutical exports which increased by €4.6bn to €10.7bn during September and accounted for nearly half of all exports. The export of organic chemicals also increased 17% to €3.7bn.
The value of imports into the country has fallen by 5% over the month to €10.65bn. The largest increase in imports was for office machines and automatic data processing machines which was up 64% to €770m.
Imports of organic chemicals were down 51% to €754m.
In the period January to the end of September, Ireland has exported €165.9bn in goods this year — a 12% increase compared to the same period in 2023. Imports have fallen by €4bn in that time.
While the EU accounted for the largest proportion of total exports, €66bn, the US was the fastest growing market with €52.5bn worth of goods exported, an increase of 28% year-on-year.
However, while the growth of Irish exports to the US would be welcome by Irish businesses, the prospect of tariffs being imposed by the incoming Donald Trump administration could cause concern.
Director at Grant Thornton Janette Maxwell said Mr Trump’s election win “could increase the risk of a disruption to transatlantic trade if the US president-elect introduces protectionist trade policies”.
“Although any impact will not be felt until further into 2025, it will be important that the Irish economy braces itself for potentially more intrusive regulations, higher customs duties, and more restrictions on Irish-US trade,” she said.
Ireland’s exports to Britain actually slowed in the year to the end of September dropping 13% to €12bn compared to 2023.