Trade figures show strong performance

MULTI NATIONAL industries operating in Ireland are repatriating record levels of profits to their parent companies, according to the latest official figures. The balance of payments figures for the first quarter of the year show that £1.154 billion was paid to parent companies in that period, £250 million more than in the same period last year.

Despite this high level of profit repatriation, Ireland's current account on the balance of payments is expected to remain in surplus this year. In the first quarter, the current account was in deficit to the tune of £20 million. However, seasonal factors mean the current account is normally in deficit at that stage and the deficit this year was below the £82 million in the same period last year.

The figures also show a continued strong trade performance, with a surplus of exports over imports of £1.926 billion in the first quarter, well above the £1.483 billion in the same period last year.

Because the figures are now calculated in a different manner, the current account surplus is smaller than it previously was, partly because receipts from the EU are now counted on the capital side of the balance of payments. Last year, on this revised basis, the current account surplus was £918 million and forecasts vary significantly for the 1996 deficit.