Irish
Irish exports rose 2% in value in 2006 compared with 13.7% rise in German exports
By Finfacts Team
Feb 20, 2007, 12:14

Source: CSO

The CSO reported today that seasonally adjusted external trade increased for both flows in December relative to November 2006 – exports increased by 3% and imports by 1%.  In contrast, relative to October 2006, exports in November decreased by 10% while imports increased by 2%.

The preliminary value of Irish exports in 2006 was  €88.6 billion compared with €86.8 billion 2005 -  a rise of 2%. By comparison, Germany exported goods worth €893.6 billion , a 13.7% increase from 2005, De Statis, the German Federal Statistics Office said in early February.

On an unadjusted basis, the value of exports in the month of  December 2006  was €7,230m, down €188m (-3%) on December 2005, while the value of imports was €5,360m, down €178m (-3%). The value of exports in November 2006 was €7,690m down €567m (-7%) on November 2005, while the value of imports was €5,520m, up €305m (+6%).

• Organic chemicals increased from €16,521m to €17,282m (+5%), Metalliferous ores from €544m to €917m (+69%) and Beverages from €927m to €1,205m (+30%). Professional, scientific&controlling apparatus decreased from €2,554m to €2,076m (-19%) and Textiles from €267m to €189m (-29%).

• Goods to Belgium increased from €12,438m to €13,134m (+6%), to Malaysia from €508m to €880m (+73%) and to the United States from €14,406m to €15,178m (+5%).

• Goods to Switzerland decreased from €3,105m to €2,216m (-29%), to France from €5,126m to €4,557m (-11%), to the Netherlands from €3,313m to €3,053m (-8%) and to Japan from €2,022m to €1,826m (-10%).

• Computer equipment increased from €8,242m to €9,483m (+15%), Petroleum and related materials increased from €3,048m to €3,467m (+14%) and Medical & pharmaceutical products from €1,775m to €2,052m (+16%). Other transport equipment decreased from €1,587m to €1,002m (-37%).

• Goods from China increased from €3,399m to €4,033m (+19%), Singapore from €754m to €1,203m (+60%) and Great Britain from €15,371m to €16,190m (+5%).

• Goods from the United States decreased from €7,054m to €6,062m (-14%), Japan from €1,937m to €1,607m (-17%) and Hong Kong from €443m to €298m (-33%).

Minister Michael Ahern welcomes latest trade figures

Minister for Trade and Commerce, Mr. Michael Ahern, TD today expressed satisfaction with the trade statistics.

Ahern, speaking from Paris, where he was meeting his French Trade counterpart, Mme. Christine Lagarde, welcomed the overall trend of the figures for the eleven month period January-November 2006.

"I am pleased with the upward trend in our export position as demonstrated by these latest eleven month trade figures. For the past three years, since 2004, we have continued to make gains on our export position of the previous year and I am confident that when the final figures are published they will show that 2006 continues the upward trend," Ahern said. "This is a very good performance by Irish exporters in a difficult trading environment caused by the continuing global economic slowdown and rising oil prices," the Minister added.

Elsewhere, the Minister noted that exports for the period January-November, 2006 relative to the same period in 2005, increased by 5% to both the United States and Germany and by 6% to Belgium. "These are important markets for us and it is heartening to see that the export trend in this area is positive," the Minister said. The Minister also noted the significant rise in the value of exports to Malaysia (up 73%).

The EU continues to grow in importance as an export market, now accounting for almost 64% of all Irish exports. Ahern said he was particularly pleased that, in all almost all cases, exports to the new Member States were increasing, with Poland showing the largest increase at in value terms +36.5%, an increase of €92 million in value terms. The Czech and Slovak Republics were the next highest with increases in exports of 38% and 28%, respectively and, although starting from a low base, exports to Estonia rose by 60% to €22.2 million.

"This is a very welcome development," Ahern continued. "There are huge opportunities for Irish exporters in these newly developing markets and I would expect that over time Irish exporters will establish a substantial presence in the region," the Minister concluded.

Finfacts Comment: The Minister of State needs to update his script as he has also previously used the line:  in a difficult trading environment caused by the continuing global economic slowdown..

There was no global economic slowdown in 2006.

Last month, the Managing Director of the International Monetary Fund Rodrigo de Rato said:

After four consecutive years of strong growth, what we expect is that global growth will remain solid in 2007, approaching 5 percent. This represents certainly a very significant expansion of the global economy and probably the longest — if not the longest, one of the longest — sustained periods of growth in the post-Bretton Woods era, that is, after the Second World War. In that respect, while the U.S. economy has slowed down in large part because of the continued weaker housing market, what I can say now is that a soft landing seems more sure as lower energy prices have supported employment growth and consumption. Also, we see the decrease in the housing market to be bottoming out. Report.