Ireland’s trade surplus down 9% in February as imports rise

Ireland’s trade surplus fell 9 per cent to €4.7 billion in February after recording a record-high €5.74 billion a month earlier as imports jumped 16 per cent.

Preliminary data from the Central Statistics Office (CSO) indicates exports rose 3 per cent during February to €10.6 billion, as imports jumped by €800 million to €5.8 billion.

The surge in imports knocked €452 million off the trade surplus compared to January.However, the suprlus was still €1.9 billion higher than the €3.06 billion posted in the second month of 2016.

The latest figures show the value of exports rose 15 per cent versus February 2016 to €9.74 billion. In addition, the value of exports for the first two months of 2017 was up €1.98 billion or 12 per cent versus the same period a year earlier.

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Exports of medical and pharmaceutical products continued to lead the way, rising by €827 million or 37 per ent to €3.04 billion in February. Exports of electrical machinery, apparatus and appliances was up 28 per cent to €731 million.

Exports to Britain rose 19 per cent over the year to February to €12.1 billion due primarily to exports of chemical and related product, which increased 58 per cent to €433 million.

Sterling

The Brexit-related crash in sterling wiped nearly half a billion off the value of Irish goods exports to Britain last year, figures published last month showed. Exports to Britain fell by €496 million or by 4 per cent to €13.3 billion in 2016.

The EU accounted for 50 per cent of all exports from Ireland in February to €4.85 billion. The US was the main non-EU destination, accounting for €2.94 billion or 30 per cent of all exports during the month.

The value of imports increased by €105 million or 2 per cent over the year to €5.47 billion. The value of goods imported for the first two months of 2017 was up 3 per cent to €10.6 billion versus the same period last year.

Petroleum imports increased €56 million or 25 per cent on an annual basis.

The value of imports for February 2017 excluding aircraft was €4.7 billion, down €82 million compared to February 2016.

Imports from Britain fell 4 per cent to €1.22 billion during the month. The EU accounted for 63 per cent of all imports, with the US and China the main non-EU sources of imports.