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Ireland’s export sector soared to unprecedented heights in 2024, with the Central Statistics Office (CSO) reporting that exports reached an eye-watering €224 billion. This remarkable growth, marking an €28 billion increase from the previous year, was driven predominantly by the pharmaceutical and medical sectors, which showed impressive gains. Exports to the United States were a key contributor, jumping by 34% to €72.6 billion, underscoring the Republic’s growing economic ties with the world’s largest economy despite ongoing global trade tensions.
The United States, in particular, played a significant role in shaping the nation’s export performance. Despite the volatile political climate and trade disputes with the current administration, Ireland’s economic ties with the US remained resilient. Exports to the US alone made up nearly a third of Ireland’s total exports, even as imports from the US dropped by 2%, further widening the trade surplus. This shift has become a point of contention for the US administration, which expressed frustration over Ireland’s strong trade position.
Looking closer to home, exports to the European Union – Ireland’s largest trading bloc – grew by 9% to €88.5 billion. However, the story was less positive for trade with Britain, which saw a decline in exports by 10%, or €1.7 billion, down to €15.7 billion. This dip highlights the ongoing economic friction caused by post-Brexit challenges, as the UK’s departure from the EU continues to affect trade dynamics.
The figures also reveal Ireland’s reliance on multinational corporations, especially in the medical and pharmaceutical industries. These sectors, largely dominated by international companies, accounted for nearly half of the country’s exports. While this reliance provides strong growth, it also brings risks, as illustrated by US President Donald Trump’s threats to impose tariffs on pharmaceuticals. This potential policy shift raises concerns for Irish exporters, who must navigate these global uncertainties while exploring ways to mitigate any adverse effects on their business strategies.
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(Source: Irish Independent)
