Ireland’s trade surplus falls 18% to €3.7bn in September

The value of Irish exports fell 4 per cent to nearly €9.8 billion in September while imports rose 7 per cent to €6.1 billion. As a result the State’s trade surplus fell 18 per cent to €3.7 billion.

The latest trade figures from the Central Statistics Office, however, show the underlying trend remains positive.

The value of goods exports for the nine-month period to September 2016 was €86 billion, a 5 per cent increase on the same period last year.

The figures show exports of electrical machinery, apparatus and appliances increased €327 million or 128 per cent to €582 million in September compared with the same month last year, while exports of organic chemicals increased €397 million or 27 per cent to €1.8 billion.

Exports of medical and pharmaceutical product increased €274 million or 12 per cent to €2.6 billion

The EU accounted for €5.18 billion or 52 per cent of total exports in September, of which 15 per cent went to both Belgium and the UK respectively.

Antwerp is one of the largest global drug redistribution hubs and receives most of the State's pharma exports which are not destined for the US.

Non-EU destination

The US was the main non-EU destination accounting for 26 per cent or €2.6 billion of total exports in September.

The figures show the value of goods imports for the nine-month period to September 2016 was €51.5 billion, which is an increase of €1.2 billion (2 per cent) on the same period last year.

Imports of organic chemicals increased €159 million or 49 per cent to €484 million in September, while imports of other transport equipment increased €299 million or 34 per cent to €1.2 billion.

Imports of machinery specialised for particular industries decreased €67 million (43 per cent) to €88 million over the same period.