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Irish exports have seen a significant increase in the first quarter of 2025, with weight loss drugs being a major driving force behind this surge, according to the central bank in Dublin. The rise in exports was primarily attributed to businesses rushing to get goods into the United States before the implementation of President Donald Trump’s tariffs in April. March marked a record month for Irish exports to the US, with sales totaling $25 billion, a staggering 400% increase compared to the same period in 2024.
The Central Bank of Ireland noted that this surge in exports was concentrated in a specific product category – ingredients used in weight loss and diabetes medicines. There was also evidence of strong momentum in underlying goods exports related to weight loss products, with Ireland’s pharmaceutical sector well-positioned to capitalize on the increasing global demand for these products. The US-based company Eli Lilly plays a key role in manufacturing the active pharmaceutical ingredients for weight loss treatments Zepbound and Mounjaro at its facility in County Cork.
Eli Lilly’s investment of $800 million in the Cork facility earlier in the decade has allowed them to meet the growing demand for their weight loss drugs. Sales of Zepbound and Mounjaro in the first quarter of 2025 amounted to over $6 billion, a substantial increase from the previous year. These drugs belong to a class that functions as an appetite suppressant by mimicking the hormone glucagon-like peptide-1 (GLP-1), which is released after eating to induce a feeling of fullness. The pharmaceutical sector is a crucial player in Ireland’s export market, with many major US pharmaceutical companies having operations in the country.
While the US is Ireland’s largest export market, pharmaceuticals remain the most significant sector of this trade relationship. Despite threats from President Trump to impose tariffs on pharmaceuticals for national security reasons, no such tariffs have been implemented yet. As a result, the majority of Irish goods exported to the US continue to be tariff-free, providing a positive outlook for Ireland’s pharmaceutical exports to the US market
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