A huge surge in Ireland's goods exports in the first quarter of 2025 was partially due to demand for weight loss drugs in the United States, the central bank in Dublin has said. The main reason for the big rise in Irish exports was businesses getting goods into the US beforePresident Donald Trump's tariffstook effect in April. March was a record month for Irish exports to the US with sales worth $25bn (£18.7bn), 400% higher than the same period in 2024. The Central Bank of Ireland said this surge was "concentrated in a single product category: ingredients used in weight loss and diabetes medicines". It added that when the tariff effect was stripped out there was "some evidence of strong momentum in underlying goods exports related to weight loss products, ingredients for which are manufactured in Ireland". "The pharmaceutical sector in Ireland appears well placed to take advantage of rapidly rising global demand for these products." The US firm Eli Lilly makes the active pharmaceutical ingredients for its Zepbound and Mounjaro weight loss treatments near Kinsale in County Cork. Earlier this decade it invested $800m (£597m) in the Cork facility to help meet anticipated demand for the drug. Eli Lilly said in the first quarter of 2025 its sales of the drugs were worth just over $6bn (£4.5bn) compared to $2.3bn (£1.7bn) in the same period in 2024. Zepbound and Mounjaro are among a class of drugs which work as an appetite suppressant by mimicking a hormone called glucagon-like peptide-1 (GLP-1). This is an intestinal hormone which is released after eating, and typically makes people feel fuller. Most of the US's major pharmaceutical companies have manufacturing operations in Ireland, partially for tax reasons. That has made the US Ireland's biggest export market with pharmaceuticals the most important sector. Trump hasnot yet imposed tariffs on pharmaceuticalsbut is threatening to do so on national security grounds. Until that happens the majority of Irish goods exported to the US do not face tariffs.
US demand for weight loss drugs drives Irish exports
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"Surge in US Demand for Weight Loss Drugs Boosts Irish Exports"
Bbc News
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TruthLens AI Summary
In the first quarter of 2025, Ireland experienced a significant surge in goods exports, largely driven by the soaring demand for weight loss drugs in the United States. The Central Bank of Ireland reported that Irish exports to the US reached an unprecedented value of $25 billion in March, marking a staggering 400% increase compared to the same month in 2024. This remarkable growth can be attributed to businesses rushing to export their goods to the US prior to the anticipated implementation of tariffs by President Donald Trump in April. The central bank emphasized that the increase in exports was predominantly focused on a specific category: the ingredients used in weight loss and diabetes medications, suggesting a robust underlying momentum in this market segment. Furthermore, the pharmaceutical sector in Ireland is well-positioned to capitalize on the escalating global demand for these products, indicating a promising outlook for future exports.
A key player in this surge is the American pharmaceutical company Eli Lilly, which manufactures active pharmaceutical ingredients for its weight loss treatments Zepbound and Mounjaro in County Cork. Earlier investments of $800 million by Eli Lilly into its Cork facility were aimed at meeting anticipated demand for these drugs. In the first quarter of 2025, Eli Lilly reported sales exceeding $6 billion for these weight loss treatments, a significant rise from $2.3 billion in the same period the previous year. These medications function as appetite suppressants by mimicking the hormone glucagon-like peptide-1 (GLP-1), which promotes a feeling of fullness after eating. While the majority of Irish goods exported to the US currently enjoy tariff-free status, concerns remain regarding potential national security tariffs on pharmaceuticals, which could impact this lucrative trade relationship. Overall, the ongoing demand for weight loss medications continues to strengthen Ireland's position as a key exporter in the pharmaceutical sector, particularly to its largest market, the United States.
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