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July export surge sees E4b trade surplus

Friday, September 14 11:10:44

Preliminary figures for July indicate a seasonally adjusted increase in exports of E452 million (or 6pc) compared with June sending Ireland's trade surplus to a shade under the E4bn mark, latest figures from the CSO show.

With a marginal decline in seasonally adjusted imports of E14 million (or 0.4pc), the seasonally adjusted trade surplus increased by 12.6pc to E3,923 million in July 2012.

Chemicals and related products accounted for E4,896 million (or 62pc) of the total exports of E7,901 million in July 2012.

Comparing July 2012 with July 2011, exports of Chemicals and related products increased by E643 million (or 15pc) with the main contributors being Organic chemicals (up E462 million or 38pc) and Medical and pharmaceutical products (up E132 million or 6pc).

On an overall basis the EU accounted for E4,493 million (or 57pc) of total exports in July 2012 with Great Britain and Belgium accounting for 30pc of total exports.

The USA was the main destination for exports outside the EU accounting for 23pc of July 2012 exports.

Comparing July 2012 with July 2011, imports increased by E279 million (or 8pc) to E3,798 million. This was mainly due to increases of E119 million in the imports of Machinery and transport equipment, E75 million in Chemicals and related products and E67 million in Food and live animals.

Over 60pc of imports (or E2,333 million) in July 2012 came from the EU with Great Britain accounting for half of the value of imports.

The USA (9pc) and China (7pc) were the main non-EU sources of July 2012 imports.