Monthly imports fall to lowest level since March 1999

SEASONALLY ADJUSTED monthly imports have fallen to the lowest level recorded since March 1999, according to new figures from the Central Statistics Office.

Imports declined by 4 per cent to €3.55 billion in 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 €50.52 billion to €51.28 billion during the first seven months of 2009, while the value of imports decreased by 23 per cent from €35.37 billion to €27.3 billion. Minister of State for Trade and Commerce Billy Kelleher said that his department would continue to focus on trade successes to help overcome the challenging economic climate ahead.

“Irish exports continue to be a key factor in contributing to our future economic recovery and the work of my department and its industrial development agencies will continue to focus on the importance of our exports as a driver to develop our economy,” Mr Kelleher said.

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.

During the first seven months of 2009, the export of goods to the US increased, but exports to Britain fell by 14 per cent.

Imports of vehicles declined by 79 per cent during the first seven months of the year due to a large decline in the sale of cars.

Goods imports from Britain decreased by 32 per cent over the seven months under review.

At the same time, imports from the US increased by 20 per cent.

Meanwhile, there was a 0.5 per cent fall in prices paid for goods leaving Irish factories last month.

The latest figures show that annual manufacturing prices were down 3.5 per cent in September due to a fall in prices for metals, chemicals and meat and dairy products.