Value of Irish exports hit record high in 2024 as threat of tariffs looms 

Ireland's trade surplus with the US exceed €50bn in 2024 potentially putting the country in the crosshairs of US president Donald Trump. Picture: Sam Boal/Rollingnews.ie

The value of Irish exports to the US rose by 34% to more than €72.6bn during 2024 as the threat of tariffs from the Donald Trump administration looms.

New data from the Central Statistics Office (CSO) shows the value of Irish exports hit a record €223.8bn last year largely due to a €22.4bn increase in medical and pharmaceutical product exports. The medical and pharmaceutical sector alone accounted for over 44% of Ireland's total exports, at €99.9bn.

Irish imports during last year were valued at €133.6bn — a decline of 5%.

In terms of trade with other territories, the EU remains Ireland’s largest trading partner, with €88.6bn worth of goods exported last year — a 9% increase. Imports from the EU grew by just 1%, to €48.8bn.

However, the value of exports with the US surged in 2024 to €72.6bn — an increase of €18.6bn year-on-year. Irish imports from the US, on the other hand, declined marginally by 2%, to €22.5bn.

This means Ireland now has a trade surplus with the US of more than €50bn, which could be a cause for concern should US president Donald Trump become more aggressive in his attempts to rebalance US trade with other countries through the use of tariffs.

The US president has been threatening to impose tariffs on trading partners since he took office in January. He has already imposed a 25% tariff on all steel and aluminum imports into the US but he has yet to detail any broader tariffs against the EU in particular.

Irish exports to Britain took a hit during 2024, falling 10% to €15.7bn, with imports from Britain falling 21% to €16.6bn. However, trade with Northern Ireland increased — exports were up 4% to just under €5.2bn, while imports were up 3% to €5.4bn.

While medical and pharmaceutical products were the country’s largest exports during 2024, machinery and transport equipment was the largest import segment, valued at €55.3bn — up from €53.3bn in 2023.