Imports at lowest level since 1999

Seasonally adjusted monthly imports have fallen to the lowest level since March 1999, according to new figures from the Central Statistics Office (CSO).

The latest data indicates that imports declined by 4 per cent to €3.55 billionin August compared to July while seasonally adjusted exports fell by 6 per cent to €6.5 billion.

On an unadjusted basis, the value of exports fell by 11 per cent year-on-year in August while the value of imports was down 25 per cent.

Overall, the value of exports increased 2 per cent from €50,526 million to €51,288 million during the first seven months of 2009 while the value of imports decreased by 23 per cent from €35,370 million to €27,300 million.

Exports of medical and pharmaceutical products rose by 23 per cent from January to July while exports of transport equipment were up by 170 per cent. Exports of computer equipment and electrical machinery fell by 27 per cent and 28 per cent respectively while exports of metalliferous ores and industrial machinery were down by 54 per cent and 35 per cent.

During the first seven months of 2009, the export of goods to Bermuda, Belgium, the US and Spain increased. However, exports to Great Britain fell by 14 per cent, while exports to Germany and Northern Ireland were down by 19 per cent and 22 per cent respectively.

Imports of vehicles declined by 79 per cent during the first seven months of the year due to a massive decline in sales of cars. Imports of computer equipment were down 41 per cent and shipments of petroleum products and specialised machinery also decreased.

Goods from Great Britain decreased by 32 per cent over the seven month period under review, while imports from Germany, China and Japan were also down.

At the same time, imports from the US increased by 20 per cent, while there was also a rise in shipments to Ireland from Canada, India and Argentina.