Irish exports rise to €187bn in first ten months of 2024
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Ireland exported €21.2bn of goods in October, up by more than 20% compared to the same month last year, underpinned by a surge in pharma and medical product sales which made up half of October's export value.
New figures released by the Central Statistics Office (CSO) on Monday show that exports between January and October this year were up by 13% compared to the same period in 2023, totalling €187bn.
The total value of pharmaceutical exports jumped by almost 50% to €11.1bn in October compared to the same month in 2023.
Meanwhile, exports to Britain have fallen by 10% over the first 10 months of 2024, the CSO said, however, sales to the US have grown by 30% in the same period.
Speaking on Ireland's reliance on the US, Janette Maxwell, director in tax at Grant Thornton said: "Ireland and the United States have a trade and investment relationship of a figure exceeding $1trn. For the first ten months of 2024, exports from Ireland to the US have grown by 30% when compared to the same period in 2023.
"The future of the Irish-US trade relationship has unquestionably been a subject of much discussion in boardrooms across Ireland and the US, as businesses prepare for a second Trump presidency.
"It is possible that Trump could introduce more restrictions on Irish-US trade in the form of additional regulations and higher customs duties. It will be extremely interesting to watch the trajectory of Irish-US trade in 2025."
Meanwhile, goods imports have dropped by €4bn in the first 10 months of 2024 compared with last year. Imports in October were down 2% versus a year earlier, according to CSO figures, leaving Ireland with a trade surplus of €9.95bn which was down 11% from September.