Weak dollar pushes US imports down

THE value of imports from the US into Ireland plummeted by 30% in the year to May as the weak dollar increased the buying power of the euro.

However, while foreign exchange induced inflation of Irish goods exported to the US curtailed export growth to the US, exports were down just 2% in the year to the end of May 2003 over the five months to May 2002, figures released by the Central Statistics Office (CSO) yesterday revealed.

On a seasonally adjusted basis, Ireland’s imports from non-EU countries were €1,455m in May 2003, 12% lower than the strong April value of €1,647m, while exports decreased by 3% from €2,794m to €2,724m in the same period.