ACCORDING to the Central Bank of Ireland, the US’ growing demand for weight-loss drugs have led to a massive rise in exports in the first half of the year.
Companies racing to export to the US before Trump’s tariffs take effect are the major reason for the spike.
March marked a record month, with $25bn in exports to the US – a fourfold increase from March 2024.
The bank noted this spike was centred on one product category: ingredients used in weight loss and diabetes medications.
Even without the tariff-related rush, strong demand for these pharmaceutical ingredients – many produced in Ireland – continues to fuel export growth.
US drugmaker Eli Lilly, which produces the active ingredients for Zepbound and Mounjaro in County Cork, invested $800m in the site to expand capacity.
Its first quarter sales of the drugs exceeded $6bn, up from $2bn a year ago.
These drugs work by suppressing appetite by mimicking the GLP-1 hormone, which helps people feel full after eating.
Many US pharmaceutical giants manufacture in Ireland, attracted by favourable tax policies, making the US Ireland’s largest export market and pharmaceuticals its top export.
While Trump has yet to impose tariffs on pharmaceuticals, he has suggested doing so for national security reasons.
For now, most Irish exports to the US remain tariff-free.