Exports slip after summer record

Export growth is slowing down slightly, but, in the year to the end of August, export sales were still 31 per cent ahead of the same time last year.

Merchandise exports came to £3.3 billion in August 1998, almost £1.13 billion ahead of imports, according to the latest figures from the Central Statistics Office.

Overall exports have fallen back by 3.3 per cent from the record £4.07 billion set in June, on a seasonally adjusted basis.

Initial indications for September show seasonally adjusted imports steady at £2.5 billion and exports falling slightly to £3.83 billion.

Exports to Germany increased 74 per cent to £4.69 billion in the first eight months of the year. There were also large increases to the US, Belgium and Luxembourg. There was a fall in exports to Malaysia and South Korea.

Exports of organic chemicals increased from £2.67 billion to £5.22 billion, while exports of computer equipment increased from £4.86 billion to £6.2 billion.

Imports increased from £16.42 billion to £20.26 billion, with imports of computer equipment up 36 per cent to £3.98 billion and electrical machinery up 33 per cent to £2.08 billion.

Imports from the US increased 41 per cent to £3.43 billion, while imports from the UK rose 19 per cent to £6.17 billion. Imports from Japan and Germany also increased, while imports from France and Thailand decreased.