Good exports rise by 6% in first half of 2024 

Exports to the US surged by 23% in the first of 2024 to €6.2bn with chemical products accounting for a €5.8bn of that increase

Exports to the US have surged by 23% in the period to €6.2bn, offsetting a drop in other countries. Picture: David Creedon

Irish exports jumped 6% in the first half this year, underpinned by a recovering pharma and medical product market, Central Statistics Office figures reveal.

New data released on Thursday show more than €107bn worth of goods were exported in the first six months of 2024, with chemicals and related products growing by €3.7bn in the period.

However, despite the 6% surge in the first half of this year, June showed a softening when compared to May 2024 and June 2023 figures.

Most of this slump was concentrated in exports of chemicals and related products to Great Britain, where the value of exports fell by more than €1.1bn relative to June 2023. Overall, exports to Great Britain dropped by 13%, the CSO said.

US Trade

Meanwhile, exports to the US have surged by 23% in the period to €6.2bn, offsetting a drop in other countries, with pharmaceuticals accounting for €5.8bn of that increase. 

"This demonstrates the flexibility of the Irish pharma sector as it pivots away from covid era vaccines to other pharmaceutical products," said Carol Lynch, Partner in the BDO Customs and International Trade Services Department.

However, Ms Lynch noted that the value of exports of chemicals and related goods to the USA was identical when compared with June 2023.

"While this may give rise to some concern, it is important to understand that this is only one data point, and we await to see if this is indicative of a more worrying trend," Ms Lynch continued.

It comes amid fears that the upcoming US election may impact Ireland’s exports and subsequently, GDP, with the the Inflation Reduction Act — which specifically targets green energy companies — also luring some investment away from Ireland, according to business representative group Ibec.

In June 2024, Ireland's unadjusted exports of goods dropped by €1.8bn to €16.6bn when compared with June 2023.

CSO figures also show good imports dropped by 8% compared to the same period last year, decreasing by €5.5bn which was also largely underpinned by changes in the pharma sector. 

Imports of chemical and related products dropped by €5.6bn in the first half of 2024 compared to the same period last year. 

Unadjusted imports for June 2024 were valued at €11.8bn, down €700m on the same month in 2023.

Ms Lynch also noted the value of imported goods from China, which increased by €855m on an annual basis. 

"It is feared that Chinese goods could be dumped on the EU market due to overproduction in China, particularly in respect of Electric Vehicles," said Ms Lynch. "It will be interesting to monitor this data in the coming months."

Overall, Ireland’s seasonally adjusted trade surplus was €5.3bn for the month, down 18% from May.

Speaking on the overall performance of Irish exports, Ms Lynch concluded: "Despite the slightly disappointing headline export performance, it is still quite encouraging that traditional exports from the food and beverage sectors to UK are marginally ahead year on year, particularly when increased border friction and continued subdued consumer sentiment in this key market is taken into account.”