Irish exports to the US drop by over half in another month of global trade volatility 

In the first 11 months of 2025, the value of Irish exports rose by 18% to more than €245bn, the CSO said

Exports to the US in November fell dramatically by over 50%, totalling €3.9bn. Picture; David Creedon / Anzenberger

Irish exports rose marginally in November despite a collapse in trade with the US compared to the previous month. 

New figures released by the Central Statistics Office (CSO) on Thursday show continued monthly volatility in trade, with seasonally adjusted goods exports totalling almost €18bn last month, reflecting a €1.4bn increase compared to October.

In the first 11 months of 2025, the CSO said the value of Irish exports rose by more than €37bn to over €245bn when compared with the same period of 2024. This 18% surge comes on the back of a year of international trade turmoil, marked by weeks of heavy stockpiling in the US to evade punitive tariff measures and rising uncertainty. 

Exports to the US in November fell dramatically by over 50%, totalling €3.9bn, with exports of medical and pharmaceutical products falling by more than 34% to €7.3bn in the same period. 

The products which accounted for the largest share of exports to the US were chemicals and related products at €2.7bn, and miscellaneous manufactured articles at €638m, representing 67.5% and 16.2% respectively of total exports to the US in November.

Despite this, Ireland’s top exporting partner was still the US, followed by the Netherlands and Belgium.

Meanwhile, seasonally adjusted goods imports were €11.9bn in November, which was virtually unchanged compared to the previous month.

Supreme Court ruling

The US Supreme Court did not decide on the closely watched dispute over the legality of President Donald Trump's global tariffs this week, with the challenge to his punitive measures marking a major test of presidential powers, as well as the court's willingness to check Trump's far-reaching assertions of authority since re-entering the White House.

“All eyes were on the US Supreme Court again yesterday as we awaited a decision on US tariffs," says Kate English, chief economist at Deloitte Ireland. "While no ruling was issued, the message won’t change: regardless of the outcome, tariffs are here to stay."

“Overall, our export and import of goods figures in November reveal a decline compared to the same month last year, led by a notable fall in US pharma exports. This follows similar trends of monthly volatility in September and October data. 

"It reinforces two things: we should be careful assessing data on a monthly basis in isolation and pharmaceutical products are continuing to have a significant impact on our export numbers."

Carol Lynch, head of customs and international trade services at BDO, said that rather than signalling a genuine slowdown, the data points to a reversion to more normal trading patterns after an exceptionally front-loaded year. 

"For investors and policymakers alike, hopefully the real story is not falling demand but uneven shipment timing in the pharma sector."