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Ireland’s international trade reached new heights in 2024, with exports surging to a record €224 billion despite significant disruption in UK trade relations, official data showed yesterday.
Figures from Ireland’s Central Statistics Office revealed that while overall exports soared, trade with the UK fell by more than €6 billion last year, highlighting the ongoing impact of post-Brexit barriers on cross-Irish Sea commerce.
The value of bilateral trade between the UK and Ireland dropped to €32 billion in 2024, down from €38 billion the previous year, as businesses grappled with new regulatory requirements and customs procedures.
Similarly, Ireland’s imports fell to €134 billion in 2024, down €6.7 billion from 2023 (though still significantly higher than 2021 levels). The Netherlands surpassed the UK as Ireland’s largest European export market, marking a significant shift in trade patterns since Brexit.
The medical and pharmaceutical sector emerged as a particular bright spot, with exports rising by €22.4 billion to reach €99.9 billion, accounting for 45% of Ireland’s total goods exports. The sector saw substantial growth in trade with the US, which has become an increasingly important market for Ireland’s pharmaceutical manufacturers.
Trade with the United States demonstrated remarkable growth, with exports jumping 34% to €72.6 billion, while imports from the US declined slightly by 2% to €22.5 billion. This robust performance helped offset the decline in UK trade, with American multinationals such as Pfizer, Johnson & Johnson, and Merck accounting for significant proportions of the export figures.
The impact of Brexit was particularly evident in the chemicals sector, where exports from Ireland to Britain fell by nearly €3 billion. The introduction of dual regulatory regimes between the EU and UK has created costly duplication for manufacturers of products ranging from paint to household cleaners.
However, trade with Northern Ireland, which remains aligned with EU regulations under the 2020 Brexit deal, continued to grow. Exports from Northern Ireland to Ireland increased from €5.2 billion to €5.4 billion, with food and live animals showing particularly strong performance.
Ireland has seen evident success in diversifying its trading relationships beyond its traditional British market, even as businesses continue to navigate the complexities of the post-Brexit trading environment. The strong performance in pharmaceutical exports and US trade suggests that Ireland’s export-led growth strategy remains resilient despite regional challenges.
