PRODUCT PROFILE

Latest Dublin Prices

August export surge sees surplus up E1bn

Friday, October 12 11:31:55

Preliminary trade figures for August out today from the CSO shows a seasonally adjusted increase in exports of E1,258 million (or 16pc) compared with July.

Seasonally adjusted imports increased by E215 million (or 5pc) resulting in an increase of E1,043 million (or 27pc) in the seasonally adjusted trade surplus.

An increase of E478 million in unadjusted exports between July and August 2012 (usually there is a decrease between these two months) was the main reason for the seasonally adjusted increase, the State's statistical agency said.

Comparing August 2012 with August 2011, the value of exports increased by E1,273 million (or 18pc).

The main drivers were Organic chemicals (up E458 million), Medical and pharmaceutical products (up E219 million) and Essential oils (up E158 million).

On an overall basis the EU accounted for E4,594 million (or 55pc) of total exports in August 2012 with Great Britain and Belgium accounting for 27pc of total exports.

The USA was the main destination for exports outside the EU accounting for 21pc of total exports in August 2012.

Comparing August 2012 with August 2011, imports increased by E151 million (or 4pc) to E3,837 million. This was mainly due to an increase of E81 million in the imports of Food and live animals.

Around 60pc of imports (or E2,270 million) in August 2012 came from the EU with Great Britain accounting for 31pc of the value of imports.

The USA (10pc) and China (6pc) were the main non-EU sources of August 2012 imports.

For the first eight months of 2012 exports amounted to E62,493 million and imports to E32,591 million representing a trade surplus of E29,902 million.

The CSO also released trade statistics for every year since 1984 up to July of this year.

This shows that in 1984 Ireland's trade balance stood at minus E19 million with E11.29 billion worth of goods exported and E11.31 billion worth of goods imported.

This compares with 2007, the height of the Celtic Tiger boom when Ireland recorded a trade surplus of nearly E26 billion with exports worth E89.2 billion and imports of E63.4 billion.

Last year, Ireland recorded a surplus with the rest of the world of E43.3 billion.