Irish manufacturing soared in the spring
According to new figures from the Central Statistics Office, domestic production in manufacturing industries was still up by almost 23pc in April compared to the same month last year.
The prospect of Trump tariffs has distorted many statistical and economic indices, a feature that is likely to continue for the rest of the year, even though the US and EU appear to be close to agreeing a new trade deal.
Just as the markets are now shrugging of the US President's flip-flopping announcements on tariff levels, US importers now appear more relaxed about the impact that tariffs will have on prices.
The surge in production in Irish factories in the spring appears to have been heavily skewed towards export industries. The CSO figures show that the highly globalised 'modern' sector, which includes chemicals, pharmaceuticals, computers and electronics, experienced a growth of over 40pc between March and May compared to same quarter in 2024.
By contrast, the 'traditional' sector increased by just 1.7pc over the same period.
America is Ireland's biggest trading partner, accounting for over 40pc of total trade, and importing up to €10bn worth of produce a month. The vast majority of that is classified as 'chemicals and related products', which includes medicines and pharmaceuticals.
Pharma has so far avoided a sectoral-specific tariff, although Mr Trump has repeatedly threatened to impose one, as he attempts to strong-arm US companies to re-shore their manufacturing to the United States.
On Tuesday, he threatened levies of up to 200pc on imported pharmaceuticals, but gave US pharma companies a year to a year and a half to 'get their act together'. While this is unlikely to convince the likes of Eli Lilly and Pfizer to move manufacturing operations out of Ireland, it may well discourage new investment by US companies overseas.
Irish exports hit a record level of €37.3bn in March, as US companies packed their warehouses in advance of 'Liberation Day'. Exports to America were up by €20.3bn that month alone, or 395pc, reaching a total of €25.4bn.
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