CSO stats show value of exports fall back as pharma levels out - BDO analysis

The latest CSO statistics show the value of exported goods in Q1 2026 dropped by €37.6 billion, down 43% to €49.9 billion compared to Q1 2025, when figures stood at €87.4 billion.

While this sharp decrease may seem alarming at first glance, it’s important to remember that a large part of this shift can be attributed to the normalisation of trade levels, especially as pharmaceutical exports return to the patterns we saw in 2024.

Commenting on today’s figures with RTÉ, Carol Lynch, BDO Partner and Head of Customs & International Trade Services, said that while the drop compared to Q1 2025 was expected, the drop in exports compared to Q1 2024 is worth noting. 

 

Q1 2024 exports were €54 billion, meaning that the current Q1 figure of €49.9 billion is still notably lower, which does give some cause for concern.

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

The United States continues to be Ireland’s leading trading partner, with 24.7% of exports heading there in March 2026. While this is significantly lower than 2025 again this was to be expected.

The Central Bank has already flagged that US exports of pharma products will likely continue to reduce until Q3 2026 due to the significant stockpiling in 2025. To put this in perspective, US-bound exports represented 67.7% of our trade in March 2025, compared with 24.7% in March 2026. Looking back to March 2024, US exports accounted for 26.8% (or €5.1 billion) of the total, indicating that the current decline is part of a broader return to pre-2025 levels. 

On a more positive note, our exports to Great Britain have shown strong growth. They increased by €764.2 million, up 64.1% to €2.0 billion in March 2026 from €1.2 billion in March 2025. As a result, exports to Great Britain now make up 10.7% of our total export trade for March 2026. 

All in all, while the headline figures for Q1 2026 reflect a significant downturn, much of the movement is connected to the extraordinary growth in the pharma sector last year and a subsequent return to more typical trade volumes. Nevertheless, the lower-than-2024 export values and sector-specific declines suggest we should keep a close eye on ongoing trends.

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

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