May exports reach €8.7bn in solid performance as imports decline

Irish exports have continued to perform strongly, with preliminary figures for May pointing to further progress.

The Central Statistics Office (CSO) has recorded a €555 million increase in exports to €8.7 billion in May. The value of imports declined in May falling by €185 million to €4.9 billion. The CSO's preliminary estimate for the trade surplus in May is €3.8 billion.

This follows a strong outturn in April. According to the figures, exports increased by €102 million to €8.2 billion but imports increased by €485 million to €5.3 billion. The CSO records a trade surplus of €3 billion for April.

Between January and April exports of medical and pharmaceutical products showed the largest increase, rising from €2.6 billion to €4.4 billion, up 68 per cent. Another key component was exports of organic chemicals, which rose from €5.8 billion to €6.6 billion. There was a sharp fall in exports of telecoms and sound equipment during that period, declining from €1.4 billion to €1.1 billion, down 16 per cent. The largest increases in exports were recorded for Belgium, with Britain and Switzerland also remaining key markets for Irish exporters. Germany, the Netherlands and France were states where the value of Irish exports was reduced.

During April imports of electrical machinery increased from €2.7 billion to €3.2 billion, up 15 per cent. Imports of organic chemicals increased from €543 million to €804 million, up 48 per cent.

Other statistics issued by the CSO show a one percentage point decrease in the price of goods leaving the factory gate in June. Year-on-year, the index fell by 1.3 per cent. This decrease follows three months of price rises, although in May the increase was marginal.

Factors contributing to the monthly decrease were a 2 per cent decline in the price of food products, a 1.5 per cent drop in basic chemicals, with pharmaceuticals and other chemical products falling by 1.4 per cent.

The CSO has also reported a €200 million deficit in the first quarter in the current account of the balance of payments. This compares to a deficit of €852 million for the same period in 2001.