Exports rose by 6% to €89.3bn last year

EXPORTS ROSE by 6 per cent last year to €89.3 billion from €84.2 billion in 2009, according to new figures from the Central Statistics Office.

Total external trade figures – which include both merchandising and service exports – were up 8 per cent to €162.7 billion. Imports were virtually unchanged at €45.5 billion, giving a trade surplus of €43.9 billion – up by €4.7 billion year-on-year.

The figures show exports to the US rose by 14 per cent from €18.2 billion to €20.7 billion during the 12 months under review, while exports to Germany were up 21 per cent, from €5.97 billion to €7.2 billion.

In 2010, 60 per cent of the export market was to the US, while Belgium and Britain accounted for 14 per cent each and Germany 8 per cent. Exports of goods to Belgium fell by 9 per cent in 2010 to €12.8 billion from €14.1 billion.

A breakdown of the figures shows exports of petroleum and related materials increased by 78 per cent last year.

Exports of medical and pharmaceutical products rose by 15 per cent, with organic chemical exports increasing by 8 per cent.

During the 12-month period, exports of transport equipment declined by 66 per cent and computer equipment exports were down by 30 per cent.

In terms of imports, the value of petroleum and related fuels imported rose by 29 per cent during 2010, while road vehicle imports were up by 73 per cent.

Imports of goods from the US decreased by 18 per cent last year, the figures show.

Preliminary estimates for January 2011 show exports of just under €7 billion, down 1 per cent on the same month a year earlier. Imports were up by 25 per cent to €4.2 billion.

Minister for Enterprise Richard Bruton welcomed the latest results, which he said were impressive given the current environment in which many firms were operating.

“These services exports reflect the growth of our knowledge- based sectors, with computer services accounting for over one third of such exports and growing very strongly.

“In addition, insurance and financial services are very significant elements in the services sector. These sectors must continue to be our focus,” he said.

The volume of goods exports fell by 13.1 per cent in December and by 4.9 per cent on a seasonally adjusted basis.

Davy analyst Conall Mac Coille said the sharp decline in exports was probably due to the poor weather conditions that month.

However, he noted there was “an unusually large discrepancy between the quarterly growth rates for exports indicated by the monthly data (4.9 per cent) and by the quarterly national accounts data (-5.5 per cent)”.

He said the discrepancy reflected a statistical adjustment that was applied only to the quarterly data. That made the monthly data released yesterday difficult to interpret.

Chambers Ireland said the increase in exports was a further reminder of the international opportunities available to Irish companies.