The latest figures from the Central Statistics Office (CSO) shows that exports were up 11% year-on-year (yoy) in November, leaving the trade surplus at €4bn.
CSO goods trade data show a 3.9% fall in export volumes in November but still up 11% yoy. This follows a sharp 7.2% monthly gain in October.
Imports were up 16% month-on-month and down 6.9% yoy. In nominal terms, exports are 7.1% higher on the year and imports up 0.7% yoy, leaving the trade surplus at €4bn, down from €5bn in October.
Some sectors have performed better than others. Pharmaceutical exports were up 4.3% yoy in the three months to November, but non-pharma exports were up just 2% yoy in the same period. Within this, machinery & transport (-2.2%), manufactured goods (-5.4%) and foods (-1.5%) have all trended weaker over the course of 2016. These sectors are more exposed to sterling currency movements than pharmaceuticals, which are usually priced in US dollars and will benefit from a strengthening dollar in the near term.
According to Davy Stockbrokers, "The big picture is that exports have held up well in 2016 despite the sharp movement in sterling in that time, but growth has moderated significantly from the exceptional gains in 2015. This means that net trade will make a smaller contribution to GDP growth in the near term, reflected in our new Irish forecasts."
Source: www.businessworld.ie
