Irish exports to non-EU countries down 41.8%

IRISH exports to non-EU countries, hit by a stronger euro and a loss of competitiveness, are down 41.8% in the 12 months to January, 2004.

Exports to non-EU countries in January 2004 fell by over 20% from December 2003 to €2.332 billion. Imports for the same period fell 8.6% to €1.442 billion on the month.

Jim Power chief economist with Friends First said an important point to note was the euro/dollar exchange rate in January 2004 was $1.26 on average. In January 2003 it was $1.06. That made Irish goods nearly 20% more expensive.