Value of exports drops 2% to €28.8bn for year as imports fall 10% in April

THE VALUE of Irish exports dropped 2 per cent to €28.8 billion in the year to April, according to unadjusted figures released by the Central Statistics Office (CSO) yesterday.

A month-on-month comparison based on seasonally-adjusted data shows the value of exports in April was down 5 per cent compared with March at €7.2 billion.

The value of imports has also fallen, dropping 10 per cent in April compared with the previous month, according to the seasonally-adjusted data.

For the first three months of the year, exports of computer equipment declined 25 per cent to €2.507 billion compared with the same period in 2007. Over the period, exports of chemical products grew 45 per cent to €811 million, while trade in medical and pharmaceutical exports grew 7 per cent to €3.95 billion.

The seasonally-adjusted trade surplus in April was €2.339 billion, as against €2.13 billion in March and €2.5 billion in February. Exports to Switzerland fell by 42 per cent to €499 million from January to March compared with the same period in 2007, while exports to Germany were 11 per cent lower at €1.51 billion. Exports to the US grew marginally to €4.3 billion.

The slowdown in new car sales has led to a 14 per cent fall in the value of cars imported to €1.328 billion.

Imports of computer equipment also declined, falling 26 per cent over the period to €1.834 billion at the end of the first quarter.