New figures from the Central Statistics Office show that exports in March tumbled by 51.4% to €18.3 billion from €37.6 billion the same time in 2025 amid stockpiling by companies ahead of threatened US tariffs last year.
The CSO said that exports to the US sank by 82.3% to €4.5 billion in March of this year compared with a figure of €25.5 billion the same time last year.
Today's figures also show that the value of goods exported from Ireland in the first quarter of 2026 decreased by 43% to €49.9 billion from €87.4 billion in the first quarter of last year.
The CSO noted that the first quarter of 2025 saw a record level of exports, driven by exports of €37.6 billion recorded in March 2025 alone - the highest level of goods exported in any one month to date.
Meanwhile, on a monthly basis seasonally adjusted goods exports increased by 4.8% to €16.7 billion in March of this year compared with February's figure of €15.9 billion.
Ireland's top exporting partners in March were the US and the Netherlands, with Ireland exporting 24.7% (€4.5 billion) and 13.5% (€2.5 billion) of total export goods respectively to these countries.
Today's figures reveal that exports to Great Britain jumped by 64.1% to €2 billion in March 2026 compared with the March 2025 figure of €1.2 billion.
Exports to Great Britain accounted for 10.7% of total export trade in March, the CSO said.
Exports to the US accounted for 24.7% of total export trade in March of this year while they accounted for 67.7% in March 2025, it added.
The CSO also said that exports of Medical & Pharmaceutical Products slumped by 70% to €7 billion in March compared with €23.5 billion the same time last year due to that stockpiling issue, while exports of Organic Chemicals plunged 70.8% to €1.4 billion from €4.8 billion.
But exports of Petroleum, Petroleum Products & Related Materials soared by 439.1% to €59.2m in March compared with €11m the same time in 2025.
On import figures, the CSO reported a 9.3% increase to €14.3 billion from €13.1 billion in March of last year.
On a quarterly basis, the value of imported goods rose by 2.2% to €36.9 billion compared with €36.1 billion in the first quarter of 2025.
The CSO noted that imports from Great Britain fell by 12.1% to €1.4 billion from €1.6 billion, while imports from the US were up 12.6% to €2 billion in March 2026 compared with March 2025's total of €1.8 billion.
Ireland imported the highest value of goods from the US and Great Britain with these countries representing 13.8% (€2 billion) and 9.8% (€1.4 billion) respectively of the total import trade for the month of March.
Commenting on today's CSO figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said that while the drop compared to the first quarter of 2025 was expected, the drop in exports compared to the first quarter of 2024 is worth noting.
"Q1 2024 exports were €54 billion, meaning that the current Q1 figure of €49.9 billion is still notably lower, which does give some cause for concern," Ms Lynch.
She said the Central Bank has already flagged that US exports of pharma products will likely continue to reduce until the third quarter of 2026 due to the significant stockpiling in 2025.
"To put this in perspective, US-bound exports represented 67.7% of our trade in March 2025, compared with 24.7% in March 2026," she said.
"Looking back to March 2024, US exports accounted for 26.8% of the total, indicating that the current decline is part of a broader return to pre-2025 levels," she added.
Janette Maxwell, International Indirect Tax Partner at Grant Thornton Ireland, said the latest CSO figures reflect a significant normalisation effect rather than a collapse in underlying demand.
She noted that exports to the US declined sharply year-on-year, falling from €25.5 billion in March last year to €4.5 billion in March 2026.
"While this appears dramatic at first glance, the March 2025 figures were heavily distorted by unusually high levels of front-loading by exporters, particularly in the pharmaceutical and chemicals sectors, as companies navigated tariff uncertainty," she explained.
She said that across both import and export flows, Ireland's trade continues to be heavily concentrated in high-value sectors, particularly chemicals, pharmaceuticals and machinery.
"This concentration means that monthly figures can be heavily influenced by the timing of a relatively small number of very large shipments," she added.
"Overall, the March 2026 data points to a period of normalisation in Ireland's external trade dynamics following the exceptional export surge seen in early 2025, while also underlining the importance of continuing to diversify export markets and broaden Ireland's trade base over the longer term."
