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2025
Exports jump by 47% in first five months of 2025 - CSO

Exports jump by 47% in first five months of 2025 - CSO

Exports jump by 47% in first five months of 2025 - CSO

Carol Lynch, Partner & Head of Customs and International Trade Services, was featured in RTÉ News with her commentary on latest update from CSO.

Read Carol's full commentary

We are seeing the ongoing trend in substantial increases in exports YOY :

Exports of goods had a total value of €134.4 billion in the first five months of 2025 compared with the same period last year, an increase of €42.9 billion (+46.9%).
Exports of Medical & Pharmaceutical Products grew by €5.8 billion (+73.9%) to €13.7 billion in May 2025 compared with May 2024 (€7.9 billion). This represented 58.7% of total export goods in May 2025.
In May 2025, Ireland’s unadjusted exports of goods rose by €5.3 billion (+29.3%) to €23.3 billion compared with May 2024 (€18 billion).

May figures reflect the “pause” phase which was in effect at the time, between April and 9th July. This was the period during which tariffs were suspended at 10%, pending the outcome of EU-US trade negotiations. At the time, the threat was an increase to 20% should these be unsuccessful. This has now increased to 30% as of last week, with the negotiation phase extended to 1st August. In addition, at the time, companies were also monitoring Section 232 investigations into, for example, pharmaceuticals and semiconductors, which were excluded from the 10% universal tariff. Therefore, we would expect to see an increase in exports to continue stockpiling.

Carol LynchPartner and Head of Customs & International Trade Services, BDO Ireland

Pharma products include finished goods but, more importantly for Ireland, intermediates and APIs (including the active ingredients in weight loss drugs) which are used for further or final manufacturing in the US. We can see from these figures how important the export of pharma products to the US is to Ireland. This is being well covered in news reports; however, of most significance here is the increasingly probable introduction of tariffs on this sector. President Trump has made it clear he wants pharma companies to repatriate production to the US and has seen some success in this, with announcements of US investments from Novartis, Eli Lilly, Johnson & Johnson and AstraZeneca.

However, he has also acknowledged the fact that increasing US production takes time. In his most recent statement, this was reflected by threatening to introduce low tariffs on this industry with effect from 1st August, building to 200% after a year or so. While it would not be possible to build and produce new pharma products within a year, this is a signal of intent. Therefore, while the potential pause on increasing tariffs is currently suggested at a year or so, ideally this would, in fact, be a minimum of five years.

Of increasing concern now is also the impact of tariffs on the MedTech sector. US duties since April have been imposed at 10%, with the risk of this increasing to 30%. Equally, the EU is threatening to impose counter-tariffs on US imports in this sector. This will negatively impact European production. Replacing sources of supply in this sector is extremely complicated and difficult due to validation criteria. IBEC has put our US exports in this sector at around €8bn and has noted that Ireland is one of the top five MedTech hubs globally.