Irish exports reached a record €224bn last year, as sales of Irish-made goods to the US increased by a third ahead of Donald Trump's return to the White House.
The Central Statistics Office (CSO) estimated the total value of exports in 2024 at €223.8bn, which represents an increase of €28bn or 14% compared with 2023.
Conversely, imports fell €6.7bn or 5% year-on-year to €133.6bn.
Chemicals and related products were Ireland's largest export category, with the value of sales rising 15% from €126.7bn in 2023 to €145.8bn last year. Within the category, exports of medical and pharmaceutical products jumped from €77.5n to €99.9bn.
Chemical and related products accounted for nearly two-thirds (65%) of the value of Irish exports, and the balance was mostly made up by machinery and transport equipment (€30.9bn), miscellaneous manufactured articles (€23.1bn), and food and live animals (€15.3bn), all of which saw solid annual increases.
The US was Ireland's single largest export market, with sales increasing by 34% or €18.6bn to €72.6bn, but exports to the EU27 rose 9% or €7.4bn to €88.6bn.
Exports to Britain declined €1.7bn or 10% to €15.7bn and sales to Northern Ireland increased 4% or €198m to nearly €5.2bn. The rest of the world accounted for Irish exports of €41.7bn, up €3.3bn or 9% year-on-year.
The decline in imports was largely down to a 21% decline in orders from Britain. The €16.7bn in goods imported from Britain, was down €4.4bn from 2023, but imports from the North increased 3% or €159m to €5.4bn.
Imports from the EU (+1%) increased modestly to €48.9bn but imports from the US decreased 2% or €455m to €22.5bn, further growing Ireland's annual trade surplus in goods with America to €50.1bn, up €19bn from less than €32bn in 2023.
Imports from the rest of the world were down -6% or -€2.4bn to €40.2bn.
"While these are very encouraging for Ireland, the manner in which the US is both our largest export market outside the EU and our fastest-growing market in 2024 remains a key concern," said Carol Lynch, head of customs and international trade services at BDO.
"Amid the ongoing trade wars and retaliatory tariffs being proposed by the US, Irish companies should ensure they have prioritised carrying out a risk assessment on their US sales, explore measures to reduce the impact of tariffs, and assess their sales plans across the EU, UK, and Rest of World markets."
Overall, chemical and related product imports dropped from €39.9bn to €31.2bn, highlighted by imports of organic chemicals plunging from €19.9bn to €7.8bn.
The decline was also helped by falling orders of natural and manufactured gas (-€1.6bn to under €2bn) and petroleum and related products (-€395m to €5.7bn). Imports of medical & pharmaceutical products rose by €3bn or 24% though.
*This article was originally published on BusinessPlus.ie.
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