The latest figures from the Central Statistics Office (CSO) this morning show a rise in the seasonally-adjusted surplus in June from May.
The surplus in June was €4,502m, €826m higher than the revised surplus of €3,676m (€3,962m) posted in the fifth month of 2016.
The figures show that on an unadjusted basis there was a record surplus of €5,035m in June (passing the €5bn mark for the first time ever), €936m higher than the surplus of €4,099m posted in the sixth month of 2015.
In the first half of 2016, the cumulative trade balance amounted to €24,288m, which was €3,388m higher than the surplus of €20,900m in the same period last year.
Comparing June 2016 with June 2015, the value of exports rose by €227m (+2.3%) to €10,138m. Exports of Medical and pharmaceutical products increased by €298m (+11.8%) while exports of Electrical machinery, apparatus and appliances rose by €266m (+109.5%).
Seasonally-adjusted exports were up 4.5% in the month at €9,553m while imports recorded a decrease of 7.5%. Business and consumer confidence have been dented in recent months by the uncertainty surrounding “Brexit”.
However, the trade data for the first half of the year were quite positive, although a slowdown is expected in activity in the second half of 2016.
According to Merrion Stockbrokers, "Whatever about 2017 and beyond, we still think the overall goods surplus this year will be higher than in 2015. We are currently projecting a positive balance for 2016 of around €45bn, a new record-high."
Source: www.businessworld.ie
