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Exports and imports hit fresh lows

Exports have fallen to their lowest levels since Mar 2010, while the country’s import figures have plunged to lows not seen since Nov 2010, according to the CSO.

The seasonally adjusted value of exports fell by €713m (or 9%), and imports fell by €1,034m (or 23%).

The decline in imports was mainly due to a fall of €709m in the imports of “other transport equipment” including aircraft.

Davy’s chief economist, Conall MacCoille, said the figures were consistent with the downturn in the export market.

“The relatively weak out-turn in April is consistent with the broad trend of slowing goods export growth.

“But the contribution of the sector to GDP growth could be stronger than the monthly data suggest.

“The monthly data capture physical movement of goods exports rather than value-added. The correlation with the value added contribution to GDP growth has been very poor in recent quarters,” he said.

All sectors of the economy were hit by a fall in export figures with the exception of exports of petroleum and related products.

Exports of petrol and related products grew from €373m to €794m from Apr 2011 to 2012.

Chemicals and related products accounted for €4,192m (or 60%) of the total exports of €7,037m in Apr 2012.

Comparing Apr 2012 with Apr 2011, exports of pharmaceutical and medical products decreased by €471m (21%) while the value of exports of organic chemicals declined by €298m (17%).

The EU was the main destination for Irish exports accounting for 59% of total exports in Apr 2012.

The UK alone bought 30% of the country’s exports.

The US was the main destination for exports outside the EU accounting for 17 % of total exports in Apr 2012.

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