Pharmaceutical exports soar by 243% in March
Pharma exports jumped by 243%, or €16.7 billion, to €23.6 billion in March compared to €6.9 billion the same time last year.
The CSO noted that this represented 63.3% of total exports in March, which highlights the significance of the pharmaceutical industry to the Irish economy.
Today's CSO figures also show that exports to the US surged by almost 395%, or €20.3 billion, to €25.4 billion in March from a figure of €5.1 billion the same month last year, in anticipation of the imposition of tariffs by the Trump administration.
The CSO said that 68.2% of exports went to the US in March, which means that for every €1 worth of goods Ireland exported during the month, almost 70 cent went to the US.
It noted that exports to the US of Chemicals & Related Products also jumped by 536% (€20.1 billion) to €23.9 billion in March from the same time last year.
The CSO said that overall exports hit a record level of €37.3 billion in March, an increase of 94.3% from the March 2024 figure. This resulted in an unadjusted trade surplus of €24.8 billion.
Today's figures also show that the value of exports in the first quarter of 2025 jumped by €34.3 billion (63.6%) to €88.4 billion, when compared with €54 billion in the first quarter of 2024.
Meanwhile, today's CSO figures also show that the unadjusted value of imports increased by €641m, or 5.4%, to €12.5 billion in March compared with €11.8 billion the same month last year.
It added that imports increased by 12.5% to €35.7 billion in the first quarter of this year compared with the same time last year when imports came to €31.7 billion.
Today's figures show that Ireland's top exporting partners were the US, Netherlands and Great Britain, with Ireland exporting 68.2%, 4.4% and 3.4% of total export goods respectively to these countries.
Meanwhile, Ireland imported the highest value of goods from Germany, the US and Great Britain with these countries representing 16.3%, 13.5% and 12.6% of the total import goods trade in March
The CSO noted that exports to Great Britain fell by 31.1% to €1.3 billion in March of this year compared with the same time last year, while imports from Great Britain increased by 4.4% to €1.6 billion.
Commenting on today's figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said the significant increase in exports to the US was largely expected and likely reflects stockpiling ahead of the anticipated implementation of US tariffs in April, as well as expected retaliatory measures from the EU.
"This approach has proven prudent, given the USs introduced a 10% universal tariff on EU goods on April 5. We expect this stockpiling to continue, particularly in light of the proposed increase to a 20% tariff from July on exports to the US, along with various EU retaliatory tariffs of up to 25% on US imports from the same date," she said.
"Of course, the outcome will depend on ongoing EU-US trade negotiations. However, even in the best-case scenario, exporters are unlikely to see the baseline 10% tariff rolled back any time soon," she added.
Ms Lynch also noted the sharp rise in pharmaceutical exports, which she said again appeared to be prudent planning.
"Although pharmaceutical and semiconductor products were temporarily exempted from the 10% tariff, there are serious concerns about the potential for future tariffs under the ongoing Section 232 investigation," she said.
"That investigation has now expanded to include the aviation sector, all areas of significant concern for Ireland. The pharmaceutical industry is clearly planning ahead. While pharma products were excluded from the initial 10% tariff, they remain under the Section 232 review, which could result in a 25% duty," she noted.
Carol Lynch said that with international trade conditions continuing to evolve rapidly, Irish exporters are having to reassess their export strategies.
"Those exporting to the US, and already impacted by the April tariffs, must now consider ways to minimise future exposure. That may involve advanced customs planning or diversifying into alternative markets. At this point, the 10% baseline tariff does not appear likely to be removed," she added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
17 minutes ago
- Irish Times
Irish food prices second most expensive in Europe
Food prices in Ireland were 12 per cent above the EU average in 2024, making them the second most expensive in the euro zone. Ireland was the second most expensive country in both the euro zone and EU27 for alcoholic drinks, with prices of alcohol in Ireland just under double the EU27 average, according to fresh data from the Central Statistics Office . It was the most expensive country in Europe for non-alcoholic beverages last year, with prices 40 per cent higher than the EU27 average. Tobacco prices meanwhile were the most expensive of the 36 countries surveyed, at 159 per cent higher than the EU average. READ MORE The data shows Ireland was the third priciest in the euro zone for bread and cereals, and the sixth most expensive country for fruits, vegetables, and potatoes. Source: CSO It was the eighth most expensive country for both milk, cheese and eggs, and fish, the ninth most expensive for meat, and the twelfth most expensive for oils and fats. Of the 36 countries, the highest price levels for fish were observed in Switzerland (66 per cent above the EU27 average) and lowest in North Macedonia (24 per cent below the EU27 average). Fish price levels in Ireland were 5 per cent above the EU27 average. Of the euro zone countries, the highest fish price levels were observed in Austria and the lowest in Lithuania. Of the 36 countries, the level of fish prices in Ireland ranked 13th. While the price of bread and cereals in Ireland was 17 per cent above the EU27 average, the highest price levels were in Switzerland at 63 per cent above the average and the lowest price levels were observed in Romania where prices were 44 per cent below the mean. Of the euro zone countries, Luxembourg had the highest price levels for bread and cereals, 29 per cent above the EU27 average, and the lowest prices were in Slovakia, where they were 17 per cent below the average. Denmark was the most expensive while Romania was the least expensive in the EU27 for bread and cereals.
Agriland
an hour ago
- Agriland
CSO: Ireland had 6th most expensive food prices in 2024
Ireland was the sixth most expensive country in terms of food prices in 2024, according to the latest data from the Central Statistics Office (CSO), published today, Wednesday, July 23. In its publication 'Price levels of food, beverages and tobacco 2024: How Ireland compares', a total of 36 countries in Europe were surveyed. The most expensive country for food was Switzerland, with Ireland ranked sixth having food prices which were 12% above the EU27 average and the least expensive listed as North Macedonia. Ireland was the third most expensive country in the Eurozone for 'bread & cereals', the sixth most expensive country for 'fruits, vegetables, & potatoes', the eighth most expensive for both 'milk, cheese & eggs, and fis'h, the ninth most expensive for 'meat', and the 12th most expensive for 'oils & fats'. In terms of alcoholic beverages, the most expensive country in the study was Iceland, while Ireland ranked fifth and Italy was the least expensive for alcoholic drinks. Ireland topped the list of countries for the most expensive non-alcoholic beverages and also tobacco in 2024, with prices for such beverages 40% higher than the EU27 average, The non-alcoholic beverages category included: coffee; tea; cocoa; mineral waters; soft drinks; concentrates; fruit juices; and vegetable juices. Turkiye was the least expensive for tobacco and North Macedonia had the cheapest non-alcoholic beverages. Commenting on the results, senior statistician in the Prices Division at CSO Ireland, Edel Flannery said: 'Looking at how the price levels of food, beverages, and tobacco in Ireland compared with other European countries in 2024, Ireland was the second most expensive country in the Eurozone and third most expensive of the 27 European Union (EU27) countries for food, with prices 12% above the average for the EU27. 'Of the 36 countries surveyed, food was the most expensive in Switzerland at 61% above the EU27 average, and the least expensive in North Macedonia at 27% below the EU27 average.' CSO The information is compiled from data collected as part of the Eurostat-OECD Purchasing Power Parity (PPP) programme, under which price data on food, beverages and tobacco in 2024 was collected by 36 European national statistical offices. Information for Ireland was collected by the Central Statistics Office (CSO). The countries included in the analysis, in 2024, were: The 27 member states of the European Union (EU); The three European Free Trade Association (EFTA) countries (Iceland, Norway, and Switzerland); The six candidate countries (Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, Serbia, and Turkiye). In the 'Food, Beverages & Tobacco 2024' survey, prices were collected for 456 individual items covering the main broad categories including: Bread & Cereals; Meat; Fish; Milk, Cheese & Eggs; Oils & Fats; Fruits, Vegetables & Potatoes; Non-Alcoholic Beverages; Alcoholic Beverages and Tobacco. The results presented are based on the price levels for a fixed basket of items.
The Irish Sun
an hour ago
- The Irish Sun
‘This is epic' – High street retailer makes Irish return with first shop opening five years after eight store closures
HIGH street clothing brand Topshop is making its return to Ireland with a shop set to open in Donegal next month. McElhinney's department store, located in Ballybofey, has announced that it will be home to the first Topshop store in Ireland since the 4 McElhinneys in Donegal will be the location of the first Topshop to return to Ireland Credit: Alamy 4 The high street brand is well-known for its trendy and affordable clothing Credit: Alamy The department store announced the comeback on their It comes just weeks after a similar post shared on the retailer's social media page said: "Watch this space". Now the popular retailer is set to return to Irish shores with the Donegal shop opening on August 21. Irish fans have taken to Instagram to share their excitement. READ MORE IN NEWS MONEY One fan said: "I AM SO READY!!!" Another said: "Whatttt. Can't cope. This is epic." One shopper shared: "Fab can't wait for it." While another added: "This is unreal." Most read in The Irish Sun The retailer, which at one time boasted eight stores in Ireland, closed after its parent The group, which included brands such as Miss Selfridge and HIIT, was later bought by online retailer ASOS in 2021 for around €300million ASOS CEO Nick Beighton said at the time: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. "The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy." Late last year, however, ASOS sold 75 per cent of its share in Topshop to the Danish retail group Bestseller. As part of this €136million joint venture deal ASOS said it will be relaunching on a separate website. Now it appears the brand is set to return in physical form as well. A spokesperson for Topshop speaking with The brand's managing director Michelle Wilson added: "I'm excited to see Topshop back in person. I think the partner that we are collaborating with is an incredible partner. BACK IN BUSINESS 'I think it will surprise a few people. I'm looking forward to the day that we launch that and seeing people's reaction and excitement.' What makes the brand so unique? THE return of Topshop to the high street has left fans in a frenzy. Sun Savers Editor Lana Clements explains what makes the brand quite so special… Topshop was so much more than a clothing brand for millennials. It is woven into the tapestry of our coming of age. For me, the love affair started pre-teens coveting Freedom jewellery mood rings and yin yang symbols on black cord necklaces that were synonymous with the 90s. But as I grew up, Topshop was with me every step of the way. From the signature everyday Jamie skinny jeans to almost all my Friday night outfits. Until Topshop, high street fashion simply imitated trends led by top designers. But the brand became the forefront of cutting edge fashion, setting trends rather than following. This was underlined by Topshop Unique becoming part of the London Fashion week schedule in 2005, featuring the likes of Cara Delevingne and Jourdan Dunn on the runway. But nothing secured its status as a fashion leader more than its iconic collaboration with Kate Moss. A range would sell out in a matter of hours as shoppers scrambled to own THE item of the season from the vests and tassel waistcoats to pretty tea dresses and tiny denim shorts. The Oxford Circus store was a long-time mecca for fashionistas. I still remember the buzz of heading down the escalators, completely overwhelmed by the choice of clothes and not knowing quite which way to turn first, as you were plunged into retail heaven. Yes, the brand has carried on online after being bought by Asos. But it just wasn't the same. Let us millennials relive our youth and bring back those physical stores. 4 McElhinney's announced the comeback on their Instagram last Friday Credit: Topshop 4 The announcement video reads with the caption 'We missed You Too' Credit: Topshop
