Trade surplus to hit record €40bn

IRELAND’s annual trade surplus is set to reach a new record high this year of over €40 billion.

The country’s annual surplus — basically the profit made from exporting more goods than are imported — reached record levels of €38.9bn last year, which itself marked a €10bn, or 35%, increase on 2008’s total. The first two months of this year have already shown a combined surplus of nearly €7bn.

Looking at export and import performance in the early part of this year has led economists to suggest 2010’s total surplus could top the €40bn mark.