FX.co ★ Ireland Trade Surplus Narrows Sharply in January

Ireland’s trade surplus narrowed sharply to EUR 4.83 billion in January 2026, down from EUR 13.88 billion in the same month a year earlier. On an annual basis, exports slumped 35% to EUR 16.18 billion, driven by steep declines in shipments of medical and pharmaceutical products (-61%) and of chemical and related products (-29.3%). These drops were partly offset by a 53.6% surge in exports of electrical machinery, apparatus, and appliances. The main export destinations were the US (21.6% of total exports), the Netherlands (12.8%), and Great Britain (10.9%).

Imports, by contrast, grew 3.1% to EUR 11.35 billion, supported by higher purchases of medical and pharmaceutical products (3%) and of electrical machinery, apparatus, and appliances (24.7%). Ireland’s leading import partners were the US (14% of total imports), Great Britain (11%), and China (10%).