Value of Irish exports increases by €1 billion in May

The value of Irish exports increased by €1 billion in May, preliminary figures from the Central Statistics Office show.

Seasonally adjusted exports stood at €7.8 billion in May, up €1 billion or 15 per cent on the previous month.

Imports also increased, albeit to a lesser extent, climbing €541 million or 14 per cent to just under €4.5 billion.

As a result, the country’s trade surplus increased 16 per cent to €3.3 billion in May.

On an annual basis, May’s export numbers were 9 per cent or €660 million higher than the same month last year.

The main drivers were increases in the exports of organic chemicals and pharmaceutical products.

The value of imports increased by 9 per cent or €344 million between May last year and May 2014, boosted by imports of machinery and transport equipment.