Mon, 17 Feb 2025

Mon, 17 Feb 2025 Irish goods exports to US surge by 34%

Ireland has a goods-trade surplus with the US of just over €50bn (£41.6bn), according to new data.

* Ireland's goods exports to the US rose by 34% to €72.6bn (£60.4bn) in 2024, while imports from the US fell slightly to €22.5bn (£18.7bn).
* As a result, Ireland had a goods-trade surplus with the US of just over €50bn (£41.6bn).
* The main reason for this surplus is due to pharmaceutical manufacturers in Ireland exporting most of their output to the US.
* Pharmaceutical exports accounted for 45% of all Irish goods exports and rose by 29% to just under €100bn (£83.1bn) in 2024.
* US pharma companies are attracted to Ireland's low corporation tax rate, with Eli Lily being a notable example.
* Researcher Brad Setser has suggested that the scale of US imports from countries like Ireland may be tied to tax avoidance.
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