Beverages and chemicals boost export growth

Export growth has begun to catch up with import growth as of March, according to trade statistics published yesterday.

Although mainly due to strong exports from the foreign-owned chemical sector, the trend also reflects a strong performance by the indigenous beverages sector.

Figures from the Central Statistics Office yesterday show the value of exports reaching €8.4 billion in March. In the first quarter of the year, exports reached €22.7 billion, up 5.7 per cent on the same period in 2006.

Imports also rose in March, but only due to seasonal factors, to €5.5 billion in the month and €16.4 billion in the quarter, up 6 per cent on the same period of 2006.

Of the exports dominated by multinationals, chemical exports continued performing strongest in March, rising by 29 per cent year-on-year.

However, the strongest growth in any category was in beverages, where exports were 36 per cent up on levels recorded in March 2006, bringing annual growth to 16 per cent for the quarter.

"The gains made in the export sector are encouraging. This should see Ireland's external sector make a meaningful contribution to growth in the quarters ahead," said Dermot O'Leary of Goodbody stockbrokers yesterday.