Medical and pharmaceutical exports fell by 20% in August

Total global exports of €16.2bn were recorded in August 2025, down €1.2bn compared with 2024

Irish exports of medical and pharmaceutical products fell by €1.7bn to €6.5bn in August compared to the equivalent month in 2024, figures released by the Central Statistics Office on Wednesday show. 

Irish exports of medical and pharmaceutical products fell by €1.7bn to €6.5bn in August compared to the equivalent month in 2024, figures released by the Central Statistics Office on Wednesday show. 

Total global exports of €16.2bn were recorded in August 2025, down €1.2bn (-6.7%) compared with August 2024 (€17.4bn). The fall in exports of medical and pharmaceutical products was more dramatic, down 20.4% in August 2025. This follows record exports in the medical and pharmaceutical sector earlier in the year, as companies front-loaded exports ahead of the introduction of tariffs.

Exports to the US fell by €2.6bn to €4.1bn in August 2025 compared with August 2024 (€6.7bn). The fall in exports to the US was driven by a 46% decrease of €2.5bn in exports of chemicals and related products to €3bn compared with August 2024 (€5.5bn). 

The US remains Ireland's biggest trading partner with 25.2% of overall exports going to the US.

The US remains Ireland's biggest trading partner with 25.2% of overall exports going to the US. In the year to date from January to August, the value of exports to the US stands at €84.46bn, €38.85bn higher than at this point in 2024. 

Grant Thornton tax partner Janette Maxwell said added currency pressures and a stronger euro had an effect on Irish competitiveness with increased production costs, particularly with respect to pharmaceuticals. "In addition, potential US tariffs on EU pharmaceuticals, could further impact Irish exports in this important sector," Ms Maxwell said.

Exports of goods to the EU increased considerably, up €1.5bn (+24.6%) to €7.7bn in August 2025. 

Overall exports fell for a third consecutive month. Seasonally adjusted exports fell in August 2025 compared with July 2025, falling by €17.6m (-0.1%) to €17.465bn.

Imports of goods fell by €166.3m to €11bn in August 2025 compared with August 2024. The value of imports for the year to date stood at €92.9bn, up 5% on 2024.

Carol Lynch, head of customs and international trade services at financial services BDO said trade policy uncertainty continues to "remain elevated, with uncertainty around trade agreements". 

"US trade policy will continue to have a disproportionate effect on Irish exports. The recent introduction of market access supports to Irish exporters by Enterprise Ireland is to be welcomed in this regard and should assist in pro-active planning by exporters as they continue to build transatlantic sales."

Simon MacAllister, EY Ireland’s co-head of geopolitical strategy, noted recent IMF forecasts, which in July revised global 2026 GDP growth up to 3.1% from 3%, while EY Ireland’s chief economist Loretta O'Sullivan is forecasting 2026 GDP growth in Ireland of 3.3%. "Geopolitical uncertainty has driven significant movements, but we are starting to see a degree of stability in recent months," said Mr MacAllister.