Unexpected fall halts rise in non-EU exports

An unexpected fall in export levels to non-EU countries has halted a four-month growth trend.

Figures published yesterday by the Central Statistics Office show that the value of non-EU exports fell to €2.332 billion in January from €2.931 billion the previous month.

The extent of the seasonally adjusted fall in the level of exports to non-EU markets comes as a surprise, as most indicators pointed to a revival in international trade following the pick-up in the global economy.

The level of imports from locations outside the EU decreased from €1.578 billion in December to €1.442 billion the previous month.

There have been signs of rising exports in recent months, but January saw a setback. The figures indicate a 22 per cent drop in exports to non-EU countries since January 2003. For the same period, imports have also fallen, but only by 4 per cent.

Looking at the sectoral breakdown, the most significant factor was a 33 per cent fall-off in organic chemical exports to €590 million in January this year.

This accounts for more than 40 per cent of the decline from January 2003.

There was also a 57 per cent fall-off in monthly exports of medical and pharmaceutical products, which accounted for a further 35 per cent of the monthly fall.

Exports to the US, the most significant market covered by yesterday's figures, fell by 42 per cent over the year to €931 million in January.

However the fall-off in sales to the US in January was well ahead of the annual drop of 15 per cent shown the previous month.