Irish exports of pharmaceutical and medical products to the United States increased more than 450% in February from a year earlier, according to data released on Tuesday. That was the second consecutive monthly increase, suggesting that U.S. drugmakers may have begun stockpiling supplies ahead of potential tariffs.
The US administration on Monday launched an investigation into pharmaceutical imports as part of an effort to impose tariffs that US President Donald Trump has spoken about, expecting to include them among a wide range of duties on other goods and trading partners in the “near future”.
Trump has repeatedly stressed the need to address the problem of drug production in Europe, particularly in Ireland, through tariffs. More than a dozen of the world's largest pharmaceutical companies have factories in Ireland, where many of them produce drugs or active ingredients for the American market.
Ireland recorded a sharp rise in drug exports to the US in January, up 130% to €9.4 billion. In February, they were €10.5 billion, up from €1.9 billion in the same month last year, according to the Central Statistics Office.
Last month, two executives and two logistics companies told Reuters that some drugmakers had taken the unusual step of increasing airlifts of medicines to the United States amid threats of tariffs.
The central bank attributed the rise in pharmaceutical exports to the US from Ireland since July last year to increased production of sought-after weight-loss drugs, but also noted that the recent increase could be partly due to stockpiling.
Ireland's 34% rise in all-goods exports to the US last year pushed the US goods trade deficit with the EU member to a record €50bn – Reuters
Sourse: breakingnews.ie
