Surge in trade to the US sees Irish exports rise by 28% to more than €20bn

Exports to the US totalled just over €8bn in November 2024, more than double the €3.98bn recorded in the same month in 2023, new CSO figures reveal

November marked the third successive month in which exports exceeded €20bn, the CSO noted, with a large increase in trade to the US boosting Ireland's total export value. Picture: David Creedon

Irish trade to the US more than doubled in November compared to the same period in 2023, with total goods exports soaring to more than €20bn in the month. 

New figures released by the Central Statistics Office (CSO) on Wednesday revealed exports in November were up by 28% compared with the same period in 2023, with chemicals and related products accounting for more than two-thirds of export value, totalling €13.6bn. 

November marked the third successive month in which exports exceeded €20bn, the CSO noted, with a large increase in trade to the US boosting Ireland's total export value.

When seasonally adjusted, exports of goods were down by €918m when compared with October 2024.

Exports to the US totalled just over €8bn in November, more than double the €3.98bn recorded in the same month in 2023. This offset a more than 22% decline in trade to Great Britain, with exports falling to just €1.3bn in November 2024. 

The EU accounted for 34% of total goods exports in the month, of which more than €2bn went to the Netherlands, €1.4bn went to Belgium, and €1.2bn went to Germany.

Ireland's exports of goods have grown by 14% in the first 11 months of 2024 to more than €207bn compared with the same period in 2023. Meanwhile, the CSO reported a significant drop in imports, which fell by €6.8bn between January and November last year.

Recent export figures have highlighted Ireland's dependence on US as a major trade partner, with the return of Donald Trump as President set to be a key issue for Irish exporters in 2025.

Just last month, the Economic and Social Research Institute (ESRI) warned proposed policy changes by the incoming president could bring “considerable downside risks” for the Irish economy, which could severely impact trade.

As part of his economic policies, Trump has promised broad tariffs and changes to tax policy to incentivise companies to return manufacturing to the US and stimulate domestic demand. 

Given Ireland’s extensive trading partnership with the US, such decisions could have a significant impact on exports.