Ireland hits record trade surplus

Ireland generated a record high annual trade surplus of just under €44.7bn in 2011, up by 3% on 2010.

The increase comes despite a fall off at the end of the year, with the monthly surplus falling by 23% in December. Exports for 2011, as a whole — according to new figures published yesterday by the CSO — were valued at over €92.9bn, up 4% on 2010 levels, while import value rose by 5% to €48.24bn.

While the US, Belgium, Britain and Germany were Ireland’s main export markets, last year, exports to key target countries — such as Brazil, Russia and India — rose significantly (20%, 37% and 34% on 2010).