Goods exports show 2.1% rise to €84bn

GOODS exports increased by 2.1% in value last year to €84 billion but remain below the peaks seen in 2000, according to new figures from the Central Statistics Office (CSO).

The value of imported goods rose 4.4% to €50 billion.

The CSO said imports surged in December and were worth 12% more than in the previous month at €4.47 billion. Exports fell slightly to €7.1 billion during the same month, shedding 2% on November’s total.

The overall trade surplus for the year stood at €31.4 billion, a shade below the €31.7 billion recorded in 2003.

Davy Stockbrokers head of research Robbie Kelleher said the exports figures were disappointing but that the numbers had been “significantly” affected by the slide in the value of the dollar. Mr Kelleher said 75% of goods exports were accounted for by multinationals with bases in Ireland and that these companies priced their exports in dollars rather than euros.

As the dollar fell in euro terms, so too did the value of our exports, he said. But excluding the dollar effect, there was good news on the exports side as Mr Kelleher estimated export volumes had risen by 5% during the year. “It should also be noted that service exports, which are not covered by this release, had a bumper year,” he added.

The CSO also released a detailed breakdown of trade figures for November, which found that exports of machinery and transport equipment were down over €800 million, or 8% in the first 11 months of the year. Goodbody Stockbrokers economist Philip O’Sullivan said the figures were worrying as they included key export categories such as PC manufacturing and covered the second-biggest export grouping.

Exports of chemicals were down 3.1%, but November’s figures suggested a turnaround and that the weakness seen in the sector during 2004 was at an end, said Mr O’Sullivan. Imports of oil products were up €400 million in the year to November. Mr O’Sullivan said this was down to higher world oil prices.