Irish Exports fell 11% in May - up 9% in year to April

Irish
Irish Exports fell 11% in May - up 9% in year to April
By Finfacts Team
Jul 26, 2007, 13:26

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Source: CSO

The CSO reported today that seasonally adjusted exports decreased by 2% in May relative to April 2007 and imports increased by 3%. Relative to March 2007, exports in April decreased by 2% while imports decreased by 4%.

The unadjusted value of exports in May 2007 was €7,494m, down €265m (-3%) on May 2006, while the value of imports was €5,066m, up €98m (+2%). The value of exports in April 2007 was €7,516m, up €1,001m (+15%) on April 2006, while the value of imports was €4,785m, up €142m (+3%). May exports were down 11% and imports 10% from a high in March.

The January-April figures for 2007 when compared with those of 2006 show that:

Exports increased from €27,995m to €30,391m (+9%) –

Organic chemicals increased from €4,728m to €7,466m (+58%), Beverages from €294m to €361m (+23%), General industrial machinery from €386m to €466m (+21%) and Metalliferous ores from €301m to €375m (+25%).
Petroleum and related materials decreased from €159m to €123m (-23%), Medical and pharmaceutical products from €5,469m to €4,990m (-9%), Professional, scientific and controlling apparatus from €803m to €736m (-8%) and Computer equipment from €4,521m to €4,271m (-6%).

Goods to Belgium increased from €4,187m to €4,753m (+14%), to Switzerland from €700m to €1,270m (+81%), to China and Hong Kong from €426m to €591m (+38%), to the Philippines from €140m to €289m (+106%) and to Great Britain from €4,322m to €4,728m (+9%).

Goods to Malaysia decreased from €244m to €166m (-32%), to Norway from €214m to €162m (-24%), to Italy from €1,168m to €1,033m (-12%) and to Japan from €670m to €616m (-8%).

Imports increased from €20,140m to €21,280m (+6%) –

Other transport equipment (including aviation equipment) increased from €451m to €1,283m (+185%), Iron and steel from €286m to €364m (+27%), Medical and pharmaceutical from €681m to €778m (+14%) and Telecommunications and sound equipment from €577m to €632m(+10%).
Organic chemicals decreased from €852m to €617m (-28%), Electrical machinery from €1,354m to €1,124m (-17%) and Petroleum and related materials from €1,276m to €1,125m (-12%).
Goods from the United States increased from €2,411m to €3,050m (+26%), Germany from €1,716m to €1,981m (+15%), China and Hong Kong from €1,449m to €1,588m (+9%) and Great Britain from €5,716m to €6,029m (+5%).
Goods from Singapore decreased from €509m to €297m (-42%) and Norway from €636m to €506m (-20%).

Minister for Trade and Commerce, Mr. John McGuinness, T.D., expressed satisfaction with the trade statistics.

"These figures represent a very good performance by Irish exporters in a difficult trading environment," McGuinness said.

The Minister said that he was also pleased to note that the Export performance to Asia was particularly heartening, with exports to China and Hong Kong up by 38% and to the Philippines surging ahead with a 106% increase. "Trade between Ireland and China is growing and there is significant growth also in other key emerging markets in Asia. This builds on our work in implementing our ‘Asia Strategy' to improve trade and related links with the major Asian economies" the Minister added.

Finfacts Comment: The Department of Enterprise, Trade and Employment needs to update its trade comment template.

"...a difficult trading environment" ?

Just a day after the IMF confirmed global growth at the longest sustained level at an an annual average of 5%, since the 1950's.

As to exports to Asia being particularly heartening, the figures primarily reflect the output of multinational firms and the supply decisions are not generally made in Ireland.