Pharmaceutical exports jump by 146% in February - CSO

Carol Lynch, Partner & Head of Customs and International Trade Services, was featured in RTÉ with her commentary on latest update from CSO.
 

Exports to the US increased by €8.7bn to €12.9bn in February 2025 compared to February 2024. This represents  a massive 210% increase on February 2024 and a 132% increase between January and February 2024 versus January to February 2025. This was no doubt companies stockpiling in advance of the US tariffs coming into effect in April.

The sector has clearly acted to mitigate the possible imposition of additional sectoral tariffs on imports of pharmaceuticals into the USA. In light of yesterday's announcement of a section 232 investigation into the import of pharmaceutical products to the USA, which will likely ley tariffs of pharma products, such stockpiling was a prudent course of action.

Overall exports in February 2025 were €25.5bn of which exports of  pharmaceutical and medical products made up almost 2/3ds of all Irish Exports

When we look at exports in this sector to the US, Ireland exported €11.7 billion of Chemicals & Related Products to the US. Chemicals & Related Products, which include Medical & Pharmaceutical Products, made up 91% of total exports to the US in February 2025.

Meanwhile, the value of exports to Great Britain has declined by 12% year-on-year, a drop again primarily concentrated in the chemicals and pharmaceuticals sector, which have almost halved between January to February 2024 versus January to February 2025.

With international trade conditions continuing to evolve and change, almost daily, Irish Traders are having to assess their export policy’s and strategies. Those exporting to the US market who have been impacted by the 10% April tariffs will need to look at ways of minimising the impact by either advanced customs planning or market diversification.