Compared to May, exports declined by €6.1bn in June, down 26pc to €17.2bn, according to the latest figures from the CSO. However the value of overseas sales was still up by almost 5pc on the same month last year, when the figure was €16.7bn.
The warping effect of President Donald Trump’s tariff regime is most clearly seen in the value of exports to the United States. These were down year-on-year by €1.3bn, or 23.4pc, to €4.4bn in June.
US exports were also down by almost 60pc compared to May, from €10.8bn to €4.4bn. This indicates that stockpiling of goods in America tailed off heavily after Trump unveiled his slate of “reciprocal” tariffs on April 2, only to postpone them for 90 days soon afterwards.
Almost three quarters of our exports to the US are classified as chemicals and related products, with €3.2bn worth being shipped in June.
Carol Lynch, head of customs and international trade services at BDO, said: “This drop in US-bound exports was expected. The past several months have seen significant front-loading and stockpiling ahead of new US tariffs, with trade flows now normalising.
“Attention now turns to the outcome of the US Section 232 investigation, which will determine whether EU pharmaceuticals will face the new standard US-EU tariff ceiling of 15pc, a lower rate, or potentially a higher one, though the EU insists the 15pc cap will apply.”
With Irish businesses energetically seeking out new markets, it is noteworthy that exports to Britain increased by €141.6m or almost 13pc year-on-year to a total of €1.24bn in June. However the three top exporting partners remain the US, Netherlands and Belgium, with almost half of all goods being shipped there.
The value of imports is also up year-on-year, reaching €12.3bn in June compared to €11.6bn in June 2024. There was also an increase in the second quarter, with the value of imports reaching €33.9bn, up just over €500m on the same quarter of 2024.
Ireland imported the highest value of goods from Germany, the US and France, with these three countries representing about 38pc of all inward trade in June. Imports from Britain were down by €171m last month compared to June 2024. Our nearest neighbour represents just over 10pc of import trade.
While the EU and US reached a headline trade deal at the end of last month, including a 15pc tariff rate on most exports from Europe, no further detail has been forthcoming since. The White House’s decision on a specific tariff on pharma imports is also awaited, although the EU insists the 15pc rate will apply here too.
Carol Lynch of BDO said the priorities for Irish exporters now are to verify whether goods qualify for lower rates based on shipment dates, to confirm tariff classifications and check for exclusions, “and maintain oversight of US Customs entry status, which can remain open for up to a year”.
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