Trade surplus falls by 3 per cent in September

Ireland’s trade surplus fell by 3 per cent in September as lower pharmaceutical exports hit overall goods trade.

But despite a 5 per cent decline in exports to €7.3 billion, the figures still remained higher than the average export figures in the year to date.

Analysts, meanwile, took positives from the quarterly data, which showed exports were up 4.9 per cent quarter-on-quarter as strong recovery inthe summer lifted data.

The trade surplus fell to just under €3.2 billion in September, from €3.28 billion in August, according to preliminary figures.

A €364 million decline in seasonally adjusted exports was partially offset by a fall of 6 per cent, or €274 million in imports, as the value of pharmaceutical exports decreased by 17 per cent, while petroleum and related products were 69 per cent lower compared with the same month in 2012.

The EU remains Ireland’s biggest export market, accounting for 56 per cent of all exports in September.

Outside the EU, the US was the top destination for Irish goods, taking 23 per cent of exports.

“The worst of the patent cliff looks to have affected the trade numbers at the turn of the year, but more hits cannot be discounted in the short term,” Davy’s David McNamara said. “ More importantly, the upturn in the global cycle bodes well for exports from the wider manufacturing sector.”