Today's figures show the most significant drop was seen in the export of medical and pharmaceutical products, which sank by 20.4%. These make up over 40% of total exports. The figures show that Ireland's top exporting partners in August were the US, the Netherlands and Germany, with Ireland exporting 25.2 % (€4.1 billion), 15% (€2.4 billion) and 11.6% (€1.9 billion) of total export goods respectively to these countries.
Ireland imported the highest value of goods from the US, Great Britain and Germany with these countries representing 18.3 % (€2 billion), 11.5% (€1.3 billion) and 10% (€1.1 billion) of the total import trade for the month. Meanwhile, exports to Great Britain decreased by 8.3% to €1.1 billion in August from €1.2 billion, the same time last year, while imports fell by 2.8% to €1.256 billion from €1.292 billion.
Despite the fall in the level of exports to the US, it remained the country's top exporting partner in August with 25.2% of overall exports going to the US. Ms Lynch said that US trade policy will therefore continue to have a disproportionate effect on Irish exports.
The recent introduction of market access supports to Irish exporters by Enterprise Ireland is to be welcomed in this regard and should assist in pro-active planning by exporters as they continue to build transatlantic sales.
To echo the Central Bank, trade policy uncertainty continues to remain elevated, with uncertainty around trade agreements, a sentiment also echoed by Jamie Dimon, the chief executive of JP Morgan, who this week has referenced the negative impact on growth of the complex geopolitical conditions and tariff and trade uncertainty.