Irish exports up 47% in first five months of 2025 as US stockpiling drives surge in trade
New figures released by the Central Statistics Office (CSO) on Thursday found that the value of goods exports rose to €134.4bn between January and May, up by almost €43bn compared to the same five months of 2024.
Meanwhile, exports of medical and pharmaceutical products rose by almost 74% in May, totalling €13.7bn, representing some 59% of total Irish export goods in the month.
"This is largely driven by growth in the exports of goods to the US," said CSO statistician Jane Burmanje.
May saw exports to the US increase by more than 86% to €10.6bn when compared to the same period last year.
"Year-to-date, exports of goods to the US increased by 153% to €70.8bn compared with the same period last year," Ms Burmanje said.
The products which accounted for the largest share of exports to the US were chemicals and related products at €9.4bn, miscellaneous manufactured articles at €683.6m and machinery and transport equipment at €320.5m. These products represented 88.8%, 6.5%, and 3% respectively of total exports of goods in May.
Meanwhile, goods imports rose by 7.8% between January and May compared with the same period in 2024.
Imports of medical and pharmaceutical products increased by 60.6% to €1.9bn in May compared with the same month last year.
'Continued stockpiling'
"May figures reflect the 'pause' phase which was in effect at the time, between April and 9th July 2," said Carol Lynch, Head of Customs and International Trade Services at BDO.
"At the time, companies were also monitoring Section 232 investigations into, for example, pharmaceuticals and semiconductors, which were excluded from the 10% universal tariff. Therefore, we would expect to see an increase in exports to continue stockpiling."
However, Robert Purdue, Head of Dealing (Ireland) at global financial services firm Ebury warns that following a record spike in exports so far this year, the second half of 2025 may not follow suit.
"Irish exports have driven a significant increase in trade as punitive tariffs drove a rush to accelerate shipments ahead of President Trump's tariffs.
"This suggests 2025 will be a year of two halves with an artificial spike in the first six months of this year likely to be followed by a slump as exporters re-stock and take stock of the new global trade environment.
'New threats of significant tariffs on pharmaceutical products will be hugely concerning for the economy given the critical role this sector plays in Ireland."
Trade negotiations between the EU and the US continue, with US President Donald Trump threathening to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his 'reciprocal' levies on individual countries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Irish Sun
24 minutes ago
- The Irish Sun
The ‘spacious' three-bedroom home in ‘charming village' on Irish market for €155k – and it's minutes from busy town
TAKE a look at this fabulous three-bedroom property that has entered the market for €155,000 - and it's in the heart of a charming village. Located in the beautiful and quiet residential area at Tubbercurry village, Co 6 The bargain pad has entered the market for €155,000 Credit: 6 The living room is spacious Credit: 6 The kitchen/dining room has access to the laundry room Credit: The village offers local supermarkets, a bakery, cafes, pubs, schools, and a And it's home to one of the top golf courses in Ireland, giving the new homeowner an opportunity to have a golf course right on their doorstep. The public transport is good, with the village offering connections to Boyle in Roscommon, where it provides routes to For those looking for more amenities and facilities, Sligo town is only a 30-minute drive and provides supermarkets, READ MORE ON MARKET Sligo also provides connections to Dublin, The charming pad is situated in the sought-after peaceful development due to its location and privacy, while being in the heart of the village with amenities and facilities on the doorstep. And there's a major perk for parents living at the development: there's a crèche conveniently located within the estate, making it easier for drop-offs and pick-ups. Entering the property, you are in the entry hallway with access to the living room, the kitchen/dining room, the laundry room with a downstairs bathroom and the stairwell to the first floor. Most read in Money The living room features beautiful wooden flooring, an open fireplace, a large window overlooking the property, a TV stand and built-in units. The kitchen area features gorgeous built-in wooden units, marble countertops, a tiled backsplash, integrated appliances, a pantry and large windows overlooking the garden. Inside three bed family home on Irish market for €170k on 'generous site,' in 'desirable location' And the dining area has a large round table that seats up to four people, but it can be easily expanded to seat up to six people. The laundry room has built-in units and a washing and drying machine and access to the downstairs toilet room. SPACIOUS BEDROOMS The first floor consists of a primary bedroom with an ensuite bathroom, two spacious bedrooms and a main bathroom. The primary bedroom features gorgeous fitted carpet flooring, built-in floor-to-ceiling wardrobes, a double bed, a large window overlooking the garden and space for a vanity table and storage. The ensuite bathroom is partially tiled and comes with a built-in electric shower unit, a washbasin and a toilet. The spacious bedrooms have gorgeous wooden flooring, built-in wardrobe units, a single bed, a large window overlooking the property and space for a desk or storage. One of the bedrooms is currently used as a home office, but it can also be transformed into a play room, a home gym or a movie room. The main bathroom is partially tiled and comes with a built-in electric shower unit, a washbasin with storage and a toilet. The rear yard is southwest-facing and low maintenance, with parking for two cars at the front and a garden shed for storage purposes. The BER rating for the property is B3. 6 One of the spacious bedrooms Credit: 6 The main bathroom is partially tiled Credit: 6 The rear garden has a garden shed for storage Credit:
Extra.ie
5 hours ago
- Extra.ie
Ryan Tubridy: Trips to Limerick and Cork remind me how I enjoy Irish hospitality
One of the great things about spending so much time in London is an enhanced appreciation of and for Irish hospitality. I marvel at the way Irish hotels (especially family concerns) are run with such warmth, passion and customer care. In my experience, this doesn't exist in great abundance in the UK. That isn't to say the British experience isn't polished and professional. It simply lacks warmth, an intangible resource that Irish hospitality has to its fingertips. Ryan Tubridy. Pic: Nick Edwards I landed at the perfectly formed and extraordinarily well-run Shannon Airport on Wednesday evening (after an impeccable flight with Aer Lingus, whose staff remain the best I've ever flown with, bar none) and from the get-go, the warmth I'm talking about was obvious. I bumped into some staff on my way to the car park, and they were beaming with happiness and so professional in the way they carried themselves. I had the loveliest chat with Mike, who took me to my hotel in Limerick. Along the way, we chatted about the landmarks, from Bunratty Castle and Durty Nelly's to the River Shannon and King John's Castle. We covered the current political scene in both Ireland and America before our brief but enjoyable journey came to an end as we landed at the Savoy, a beautiful, central and modern hotel in the heart of the city. Ryan Tubridy. Pic: Instagram/Ryan Tubridy I was greeted by the owners, Ronan and Anne Branigan, whose reputation for being among the best in their business precedes them with great justification. I was pretty late checking in, but found time to pop into O'Mahony's Bookshop, which has been in business for 100 years and is still thriving. I just about made it in time to say hi to the staff, who filled me in on what the big sellers are and how business is going in general (very well, thankfully). I did a radio show from the shop 15 years ago (I think!) so I always have a soft spot for the place, which remains a family-owned business, giving it that wonderful air of book-loving authenticity. Terry Wogan. Pic:From there, I strolled down by the riverside where I paid my respects to the Terry Wogan statue and, not too far away, the Richard Harris statue – two proud sons of Limerick, pictured above right, well remembered by the good people of the city. I also found time to pop into a tattoo parlour. Don't worry, I wasn't 'inked'. A tattooist got in touch with me on my Virgin radio show when he heard I was going to be in Limerick and asked me to pop into his pal if I was passing by, so I did and a selfie was had. (Thanks to Jake, who may still be in shock after he saw me coming through the door.) I asked Instagram followers (God, I hate that word in this context) for suggestions of things to do in Limerick, and I was inundated. I had to write a list and promise to return and spend more time here to properly visit the city. Ryan Tubridy. Pic: Nick Edwards I did manage an early morning run along the three bridges and the city was at its most beautiful and calm. We did the radio show from our sister station, Limerick Live 95, which was a great experience and allowed me to meet the cracking crew who populate that brilliant station. A quick visit to the Richard Harris exhibition at the Hunt Museum and a speedy tour of King John's Castle was all I could fit in but it was well worth the time. I was well looked after before I had to hop in a car and head for Cork city, where I had a very chilled afternoon reconnecting with a city I hadn't been in for years. I checked into the history nerd's favourite hotel, the Imperial, and then to dinner at Jacob's with the Cork 96 and Onic bosses, who filled me in on the comings and goings in the byzantine but never boring world of Irish radio. Pic: Ryan Tubridy/Instagram It was a lovely, convivial gathering and the word 'Sláinte' was heard many times, but I didn't hang around as I was on duty at Cork 96 the next morning, and I had a particularly big job the following night, so it was back to the Imperial with me in good time. The radio show went off without a hitch, and from there, I was on the road again, but this time, bound for beautiful Bantry and the West Cork Literary Festival. I'm a sucker for a book festival so when they asked me to come and interview Graham Norton on Friday night, I didn't put up an argument. We checked into the breathtaking Seaview House, where that welcome I've mentioned a few times in this diary was in evidence at every turn. Another family-run hotel, this time it was the gracious Ronan and Suzanne O'Sullivan who looked after our every need. My one regret was that it was only a one-night stay. After an early and thoroughly enjoyable dinner with friends, it was time to go and interrogate Graham, whom I've interviewed many times over the years and who treated me to a delicious lunch when I first landed in London. The event was sold out a long time ago, the place was packed, and the craic was mighty. Graham was in exceptionally good form, and the crowd lapped him up. Photos, chats and vino followed, and a tremendous night was had by all. Kudos to the festival organisers who pulled together a relaxed, easygoing and intriguing series of events. It's one that will run and run. From Bantry, it was back to Dublin to spend some time with the important women in my life, who I am happy to say are my favourite people in the world. I'll head back to London this evening, safe in the knowledge that family is king (and queen) when it comes to hospitality, hotels and the heart.
The Irish Sun
5 hours ago
- The Irish Sun
Government decide on €13bn Apple tax windfall & AIB shares sale cash spend in new €100bn national development plan
THE coalition is set to pump close to €100 billion into energy and water infrastructure, new schools, housing, and State-run creches over the next 5 years under plans for the Apple tax windfall to be announced. A newly refreshed National Development Plan will be published on Tuesday and will see the Advertisement Coalition sources differed on the level of increased investment that will be announced with some suggesting it could be as high as €100bn while others claimed it would be €90bn. This would see an extra €20bn to €30bn in State spending on building projects over the next 5 years. The money is coming from the A large part of the new injection of cash will be specifically targeted at water and energy infrastructure along with a 'once in a generation' investment in housing projects around the country. Advertisement Read more in Money The plan will also include cash commitments to major transport and health projects. The NDP will also include commitments to build more schools, special education schools and State-run childcare centres. The extra investment is coming from the €13bn Apple tax and the billions of euro the Government has taken in from the sale of AIB shares over recent years. Public Expenditure Minister Advertisement Most read in The Irish Sun Government leaders will hold one final meeting over the weekend to finalise the National Development Plan funds before it is announced on Tuesday. Minister Chambers has encouraged Government leaders to agree bumper investment in key capital projects as a way to help protect against the economic shock of The Any such tariffs would result in retaliatory taxes from the EU on American goods and would devastate the Advertisement Minister Chambers believes that the best way to protect the Irish economy from a trade shock is to create thousands of jobs in State building projects around the country through direct exchequer funding. Improving Ireland's water, energy and housing infrastructure will also help make the country a more attractive option for international businesses to invest in and create jobs here. 1 Public Expenditure Minister Jack Chambers has spent the past few months negotiating with key ministers Credit: Brian Lawless/PA Wire
