Ireland’s goods exports to the United States grew by 34% in 2024, reaching €72.6 billion (£60.4 billion), while imports from the U.S. saw a slight decline to €22.5 billion (£18.7 billion), according to data from Ireland’s Central Statistics Office (CSO). This resulted in a trade surplus of just over €50 billion (£41.6 billion) for Ireland.
The shift in trade balance comes as the U.S. administration, under President Donald Trump, has introduced a “fair and reciprocal” trade plan. The policy, unveiled last week, aims to address trade imbalances and could lead to the imposition of tariffs on goods from various countries, including Canada, Taiwan, India, and the European Union (EU). While President Trump has been critical of trade deficits with several nations, there has been no indication that Ireland will be singled out for trade measures.
Pharmaceutical Exports Drive Growth
A significant factor in Ireland’s trade surplus with the U.S. is its strong pharmaceutical sector. The CSO reported that medical and pharmaceutical product exports increased by €22.4 billion, or 29%, in 2024, totaling nearly €100 billion (£83.1 billion). These products accounted for 45% of all Irish goods exports.
One contributor to this growth is U.S.-based Eli Lilly, which manufactures its weight-loss drug, Zepbound, at a facility in County Cork. Many U.S. pharmaceutical companies operate in Ireland, partly due to the country’s corporate tax policies.
Trade policy within the EU is managed as an “exclusive competence,” meaning that only the EU, rather than individual member states, can negotiate trade deals and impose tariffs.
Some analysts have linked the scale of U.S. pharmaceutical imports from countries such as Ireland, Belgium, Switzerland, and Singapore to tax strategies used by multinational corporations. In 2023, Brad Setser, a researcher at the U.S. Council on Foreign Relations, testified before the U.S. Congress, stating that tax considerations may play a role in pharmaceutical trade flows.
As global trade policies evolve, Ireland’s trade relationship with the U.S. remains a key area of economic focus.
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