Exports boost for trade surplus

IRELAND’s trade surplus jumped by around €800 million to €3.74 billion in September, on the back of exports increasing by 11% on a monthly basis, arresting a two-month slump.

According to seasonally adjusted figures for September, published yesterday by the Central Statistics Office (CSO), the value of exports rose to €7.23bn, but remained unchanged on an unadjusted basis.

The seasonally adjusted figure for the value of imports showed a 2% fall, to just under €3.5bn, when compared with August.

Furthermore, according to the CSO’s preliminary figures for September, compared with the same month last year, there has been an “all-round” drop in trade between Ireland and Britain, although an increase in exports to the US.

However, while September’s figures showed promise; statistics for the first eight months of the year showed of exports fell by €30m to €56.9bn.

“Irish exports continue to perform well, but some sectors remain under severe pressure. Exporters with a high level of dependence on the UK market, such as the food sector, continue to face the twin challenges of poor consumer demand and a strong euro. The strong euro is not only affecting Irish exports to the UK, but also exports to other markets, such as Sweden and Poland. Exports to markets in the eurozone, which accounted for 42% of total exports this year, are proving to be more resilient,” said Pat Ivory, head of trade at IBEC.

“Irish exports continue to be a key factor in contributing to our economic recovery and the work of my Department and its industrial development agencies will continue to focus on the importance of our exports as a driver to develop our economy,” added Minister for Trade and Commerce Billy Kelleher.