Almost half of Irish goods exported to the US

In January 2025, nearly half of all goods exported from Ireland, worth €11.7 billion, went to the United States. This marked an 81 percent increase compared to January 2024. Medical and pharmaceutical products made up a significant portion, increasing by 68 percent and representing 61 percent of total exports that month. The rise in exports comes amid concerns about potential new U.S. tariffs on EU goods under the current administration. Irish Finance Minister Paschal Donohoe stressed the need to address issues raised by the U.S., noting that Ireland's economy heavily relies on American multinational investments, particularly in pharmaceuticals. U.S. President Donald Trump has hinted at imposing a 200 percent tax on imported alcoholic drinks from the EU, which worries the Irish drinks industry. Statistics show that while the U.S. is Ireland's largest market for exports, it is also the leading source of imports. Minister Donohoe highlighted that while there is a trade surplus in goods, Ireland has a deficit in services, contributing to an overall trade deficit. He emphasized the importance of negotiating with the U.S. to address these tariff concerns and to explore different trade structures. Janette Maxwell from Grant Thornton expressed uncertainty about how Irish businesses will adapt to ongoing changes in U.S. trade policy. She noted that unpredictability in trade relations is increasing, and companies must develop flexible strategies to stay competitive in a changing environment.