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Irish trade surplus narrows in January

Thursday, March 14 11:18:14

Ireland's trade surplus with the rest of the world narrowed to E2.9 billion on a seasonally adjusted basis in January as exports held steady while imports rose, latest trade figures from the CSO show today.

Preliminary figures for the month indicate a seasonally adjusted increase in exports of E35 million (or 0.5pc) to E6,850 million from December 2012.

Seasonally adjusted imports increased by E179 million (or 5pc) to E3,962 million resulting in a 5pc decrease in the seasonally adjusted trade surplus to E2,889 million.

Comparing January 2013 with January 2012, the value of exports decreased by E882 million (or -12pc) to E6,788 million.

The main drivers were decreases in the exports of Organic chemicals of E681 million (or -32pc) and E365 million (or -18pc) in Medical and pharmaceutical products.

On an overall basis the EU accounted for E3,784 million (or 56pc) of total exports in January 2013.

The USA was the main non-EU destination for exports accounting for 24pc (E1,610 million) of total exports in January 2013.

Comparing January 2013 with January 2012, the value of imports decreased by E40 million (or -1pc) to E4,424 million. While imports of Chemicals and related products increased by E118 million and Food and live animals increased by E43 million, there was a decrease of E253 million in the imports of Other transport equipment (including aircraft).

The EU was the main source of imports accounting for 62pc of the value of imports in January 2013, with 29pc coming from Great Britain. The USA (17pc) and China (5pc) were the main non-EU sources of imports.