Six-year low for trade surplus

The trade surplus has fallen to its lowest level since July 2008 as the CSO recorded more than a €250m drop in the value of exports and a steep increase in the value of imports.

The volatile pharmaceutical industry is largely to blame for the narrowing of the trade surplus, both on the import and export side.

The sector saw a steep decline in the export of organic chemicals, down €339m or 16%, and nearly a €200m fall in the export of medical and pharmaceutical products.