New figures from the Central Statistics Office show that exports from Ireland saw a sharp fall in January from the same month the previous year on the back of lower pharma exports. The CSO said that unadjusted exports sank by 35% to €16.2 billion in January from €24.9 billion the same month in 2025, due to a decline in the export of pharmaceutical products.
Exports of pharmaceuticals had reached records levels last year as companies front loaded exports ahead of anticipated US tariffs.
The CSO noted that a record level of goods - €87.4 billion - were exported in the first quarter of 2025 but exports have declined on average each quarter since then. Today's figures show that exports of Medical & Pharmaceutical Products sank by 61% to €5.9 billion in January 2026 compared with the January 2025 figure of €15.2 billion.
But pharmaceuticals still remain Ireland's largest export product and the CSO noted that 36.8% of all goods exported in January 2026 were pharmaceuticals - worth €5.9 billion.
The CSO said that both seasonally adjusted exports and imports of goods fell in January, leading to a decrease of 9% in the seasonally adjusted trade surplus to €4.2 billion in January compared with December 2025's figure of €4.7 billion. Today's CSO figures show that both exports and imports to the US fell in January compared with the same month last year.
Exports to the US fell by 71.7% to €3.5 billion from €12.3 billion in January of last year, while imports fell by 33.9% to €1.6 billion compared with January 2025's figure of €2.4 billion. Imports from the US were also lower - falling by 33.9% to €1.6 billion from €2.4 billion in January of last year.
Commenting on today’s figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said that while today's CSO figures appear dramatic, they can likely be explained, at least in part, by stockpiling in early 2025, as companies increased exports ahead of anticipated US tariffs. But she noted it was important not to view a single month in isolation.
Exports of pharmaceutical and chemical products to the US in January were higher than in December 2025, suggesting some underlying resilience. All eyes will now be on the current round of tariffs, particularly in light of the Section 301 investigation launched by the US. This explicitly references Ireland's significant trade surplus with the US, driven largely by pharmaceutical exports.
As a result, continued uncertainty in Ireland-US trade relations can be expected.