Latest news with #CarolLynch
BreakingNews.ie
17-06-2025
- Business
- BreakingNews.ie
Irish exports fell by 43% to €21.9 billion in April compared to March
Ireland's exports fell by 43 per cent in April compared to March 2025, according to the Central Statistics Office (CSO). Exports did increase by €2.5 billion (+12.7 per cent) to €21.9 billion, compared with April 2024 but fell by €16.24 billion in April 2025 compared with March 2025 to €38.1 billion. Advertisement Exports of goods to the US fell by €16 billion (-62 per cent) to €9.7 billion in April 2025 compared with March 2025 (€25.7 billion). However, exports of goods to the US rose by €3.2 billion (48.6 per cent) to €9.7 billion in April 2025 compared with April 2024 (€6.6 billion). Exports of medical & pharmaceutical products were down by €12.8 billion (-54 per cent) in April 2025 compared with March 2025. They went up by €2.1 billion (+23.6 per cent) to €10.9 billion in April 2025 compared with April 2024 (€8.8 billion). Advertisement In the first four months of the year, exports to the United States were up 170 per cent (€37.9 billion) compared to the same period last year - €60.2 billion in the first four months of 2025 compared with €22.3 billion in the same period in 2024. Following the publication, Carol Lynch, head of customs and international trade services at BDO said: 'Overall, we can see that the expected significant exports to the US are now falling back to a lower level, but a level that is still well above that of April 2024 – illustrated by the fact that exports to the US in the first four months of 2025 were 170 per cent higher than in the same period last year.' "Exports of medical and pharmaceuticals represented over 60 per cent of total YTD exports, highlighting Ireland's heavy dependence on this sector. "This is one to watch as pharmaceutical products are currently exempt from Trump's 10 per cent universal tariffs but are subject to Section 232 investigations with a consequent risk of a 25 per cent tariff (if the same rates as resulted from other S232 tariffs apply).' Advertisement Ireland Dublin City Council vows to end plastic bag waste... Read More 'The next most significant date for companies to focus on next will be July 9th when the current 'pause' on lower reciprocal tariffs ends." Ms Lynch said the rate of 25 per cent originally applied to the EU was due to be implemented on 9th April but this has been paused to allow for negotiations between the EU and US. Should those negotiations fail, then the 25 per cent tariff will kick in 'The other big question of interest to Irish exporters is whether the Liberation Day tariffs will in fact be allowed to continue at all. "These tariffs have been 'invalidated' by the US Courts, but they continue to exist while an appeal on the invalidation decision is being heard by the Courts. President Trump has made it clear that he wishes the 10 per cent universal rate to continue as a new minimum - so this is one to watch," she said.
RTÉ News
15-05-2025
- Business
- RTÉ News
Pharmaceutical exports soar by 243% in March
New figures from the Central Statistics Office today show that exports of Medical and Pharmaceutical Products soared again in March, while exports to the US also surged. 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.
