Exports from Ireland to the US continued to surge in March ahead of the announcement and later postponement of President Donald Trump's 'Liberation Day' tariffs.
The latest figures from Ireland's Central Statistics Office (CSO) show Ireland registered a goods trade surplus of €23.4 billion in March as exports almost doubled (+94.3%) to €37.3 million.
The €18.1 billion annual increase in exports was more than 28x greater than the uplift in goods imports, which grew €641 million or 5.4% to €12.5 billion.
Exports to the US of chemical & related products, which includes medicinal and pharmaceutical goods, increased by €20.1 billion or 536% to €23.9 billion from last March (€3.8bn).
More than two-thirds of goods exported from Ireland during the month went to the US (€25.4 billion), so for every €1 of goods that left Ireland, almost 70 cent went to the US.
"The sheer scale of this growth - almost doubling compared to March 2024 - demonstrates the impressive resilience and capability of Ireland’s exporting sector," said Robert Purdue, head of dealing (Ireland) at financial services firm Ebury.
"However, more worryingly, it suggests that Ireland is unlikely to escape the firing line of US President Trump’s tariff war.
“With the President targeting countries with trading surpluses with the US, and with his recent criticisms of the European Union, Irish businesses will be hoping that the UK trade deal announced last week will pave the way for a fair and balanced trading arrangement between Ireland and the US."
Carol Lynch, head of customs and international trade services at BDO, said similar rocketing exports to the US likely reflected stockpiling ahead of the anticipated implementation of tariffs in April.
The US introduced a 10% universal tariff on EU goods on 5 April but a further increase to 20% was postponed to July, along with various EU retaliatory tariffs of up to 25% on US imports.
"We’ve also seen a sharp rise in pharmaceutical exports. This again appears to be prudent planning," said Lynch.
"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.
"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."
Janette Maxwell, international indirect tax partner at Grant Thornton Ireland, agreed the increase was motivated by Irish companies seeking to export their products before they were subject to prohibitive duties.
Regardless of how tariffs play out, Irish exporters are undoubtedly reassessing their supply chain strategies to mitigate risks and adapt to the changing trends in the global economy," she said.
"This will inevitably cause a noticeable shift in export patterns in the future and a potential decline in Irish exports to the US in the latter part of the year."
Beyond the US, the Netherlands (€1.64 billion) and Britain (€1.25 billion) were Ireland's top export partners in March, while Germany (€2 billion), the US (€1.69 billion) and Britain (€1.57 billion) were the top sources of imports.
Exports of goods to Britain fell by €564.9 million (-31.1%) to €1.3 billion in March 2025 compared with March 2024 (€1.8 billion), with food & live animals (€379.2 million) and machinery & transport (€280.6 million) accounting for the largest share.
*This article was originally published on BusinessPlus.ie.
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