Figures show exports drop by 12% in May

THERE was a pronounced reversal of April’s strong export and trade surplus readings in May due mainly to the weakness of the US dollar against the euro.

While April external trade figures from the Central Statistics Office (CSO) detailed a 5% year-on-year rise in the value of exports from Ireland and a trade surplus of nearly 4 billion; new preliminary figures from the CSO yesterday, showed that it was an entirely different story in May.

That month saw a 12% drop in export value, compared with to April and an 8% annualised decline. The value of imports – on a year-on-year basis – were down by 22% in May. Meanwhile, Ireland’s trade surplus – basically, the value by which exports exceed imports – rested at 2.86bn (on a seasonally adjusted basis) compared withto 3.86bn in April. “Irish goods exports held up remarkably well during the collapse in global trade last year and in early 2009.