Irish goods exports fell by 5 per cent in July amid a slump in transatlantic trade ushered in by US president Donald Trump’s tariff policies.
On Monday, the Central Statistics Office (CSO) said the value of goods exports from the Republic to the US, its largest export market, dipped to €4.4 billion in July, down 17.2 per cent from the same month last year.
However, over the first seven months of the year overall, the value of exports to the US has more than doubled to €80.4 billion compared with the same stretch in 2024.
This largely reflects a surge in exports of pharmaceuticals to the US in the first quarter of the year as companies stockpiled product in the US in advance of the unveiling of Mr Trump’s so-called Liberation Day tariffs.
The latest trade figures suggest an ongoing levelling off in that surge. Pharmaceutical and related product exports, which represented more than 40 per cent of the Republic’s total trade in the month, fell by 1.5 per cent to €7 billion in July compared with the same month last year.
More to follow …