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Exports slump 19pc in the month in Sept

Wednesday, November 14 11:20:56

Preliminary figures for September 2012 indicate a seasonally adjusted decrease in exports of E1,764 million (or -19pc) from the August high of E9,074 million while on an annual basis exports fell 6pc, latest CSO figures show.

Seasonally adjusted imports increased by E220 million (or 5pc) resulting in a decrease of E1,984 million in the seasonally adjusted trade surplus.

The driving factors behind these changes were decreases in exports of Chemicals and related products accompanied with increases in imports of Other transport equipment (including aircraft).

Comparing September 2012 with September 2011, the value of exports decreased by E512 million (or -6pc).

The main drivers were Organic chemicals (down E512 million) and Medical and pharmaceutical products (down E261 million).

Exports increased for Miscellaneous manufactured articles (up E63 million), Mineral fuels (up E48 million) and Food and live animals (up E43 million).

On an overall basis the EU accounted for E4,210 million (or 56pc) of total exports in September 2012. The USA was the main destination for exports outside the EU accounting for 21pc of total exports in September 2012.

Comparing September 2012 with September 2011, imports increased by E316 million (or 8pc) to E4,139 million.

This was mainly due to imports of aircraft in September 2012, with Other transport equipment increasing by E211 million.

The EU remains the main source of imports accounting for 57pc of the value of imports in September 2012, with Great Britain accounting for 31pc. The USA (15pc) and China (6pc) were the main non-EU sources of imports.