Irish goods exports to the US fell by 82 per cent in March as volatility linked to US tariffs continued to weigh on the State’s trade numbers.
Central Statistics Office (CSO) figures showed the value of goods exported to the US dropped from €25.5 billion in March last year to just €4.5 billion in March this year.
The sharp fall-off reflects the unwinding of last year’s export surge when firms stockpiled product in the US to avoid tariffs.
The value of goods exports overall fell by 51 per cent to €18.3 billion in March, down €19.3 billion on the same month last year.
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When compared to March 2024, the value of exported goods decreased by just 4.8 per cent, from €19.2 billion in March 2024 to €18.3 billion in March 2026.
The figures indicate exports of medical and pharmaceutical products fell by €16.5 billion to €7 billion in March while exports of organic chemicals decreased by €3.4 billion to €1.4 billion in March.
Ireland’s merchandise trade is dominated by big pharma which has so far escaped US tariffs.
Last month US president Donald Trump threatened to impose 100 per cent tariffs on pharma companies exporting into the US if they reneged on deal to reduce drug prices in the US.
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At the end of last year, the White House struck deals with several of the largest US and European-based drugmakers including Pfizer, Eli Lilly and AstraZeneca, which have big Irish operations.
In return for lowering drug prices and promising greater US investment, the companies were given a three-year grace period during which their products would not face planned pharmaceutical-specific tariffs.
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Trump has singled out pharma as one of the main drivers of the US’s big trade deficit (in goods) with the EU and has frequently lashed out at the industry for presiding over high drug prices in the US.
In March, Ireland’s top exporting partners were the US and the Netherlands, with Ireland exporting 24.7 per cent and 13.5 per cent of total export goods respectively to these countries.
Exports to Britain increased by 64.1 per cent to €2 billion in March.
The CSO figures indicated the value of goods imports went up by €1.2 billion (9.3 per cent) to €14.3 billion.
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Louise Kelly, global trade strategy and resilience lead at Deloitte Ireland, said: “Ireland’s exports are slightly depressed relative to 2024 benchmarks.”
“Year-on-year comparisons with 2025 will continue to be challenging as last year’s elevated figures reflected trade volatility as opposed to increased demand,” she said.
Robert Purdue, senior client portfolio manager at global financial services firm Ebury (Ireland), said: “The latest trade figures highlight the growing strain on Irish exporters following the introduction of tariffs and wider disruption across global trade markets.”
Janette Maxwell, international indirect tax partner at Grant Thornton Ireland, said: “While the sharp annual decline in exports in March was amplified by exceptionally high trade levels last year, the broader trend still points to softer export activity and weaker momentum across Irish trade.”
“Across both import and export flows, Ireland’s trade continues to be heavily concentrated in high-value sectors, particularly chemicals, pharmaceuticals and machinery.”
