February exports jump to highest level in decade

EXPORTS JUMPED to their highest level in almost a decade in February, according to figures published yesterday by the Central Statistics Office.

Combined with a fall in imports, the figures led to a sharp rise in the seasonally adjusted trade surplus.

According to seasonally adjusted data, exports in February were worth just over €8 billion.

Year-on-year, exports grew by 11 per cent, while imports fell by 3 per cent in the month the data showed. The preliminary figures for the month showed imports were almost €4.3 billion.

The seasonally adjusted trade surplus rose by 33 per cent year- on-year to €3.83 billion for February. This compares to €2.9 billion in January and €3.6 billion in December.

The value of exports on an unadjusted basis rose 14 per cent compared with a year earlier, while the value of imports was up by 18 per cent.

Provisional detailed figures for January showed a slight decline in exports of 1 per cent to €6.96 billion, led by a fall in the export of medical and pharmaceutical products of 11 per cent.

Organic chemicals rose by 7 per cent during January.

Ireland’s exports to Belgium fell by 28 per cent, while Switzerland declined 55 per cent.

This was offset by a 25 per cent rise in goods sent to Britain and a similar rise in exports to France.

The US continued to play an important role in Ireland’s export business, accounting for some €1.5 billion. Exports to Britain totalled €1.1 billion, while Belgium accounted for €889 million.

Imports for the month were up 26 per cent to €4.2 billion, with Britain accounting for the largest proportion in value.

Analysts cautioned that monthly data had proven to be a poor leading indicator.

“Today’s data provide some tentative evidence that Irish goods exports expanded in the first quarter,” Davy analyst Conall Mac Coille said.

“We expect Irish exports to expand in the first quarter following a surprise decline in the fourth quarter given robust global demand and the positive purchasing managers’ index survey data for the export sector.”

The Minister for Jobs, Enterprise and Innovation Richard Bruton, said: “I am pleased that this reassuring positive trend in the growth in our exports over recent months has been maintained.”

He said the February trade figures were a reflection of the efforts of his Government, which took office in March.

‘The Government’s policy of improving Ireland’s competitiveness continues to be a priority, and the trade figures now being achieved are a reflection of the Government’s efforts in this regard,” he said in a statement released by his department.

Mr Bruton “is returning from an Enterprise Ireland-organised trade mission to India and Saudi Arabia”, according to the statement.