The dominant effect of a small number of chemical companies on Ireland's traded sector was highlighted today in figures released today by the Central Statistics Office.
The trade figures for 2002 show slight changes in the overall value of exports and imports, but a breakdown shows a sharp fall in IT exports and a similar rise in chemical exports.
Total exports increased from €92,690 million to €93,723 million in 2002, but exports of medical and pharmaceutical products increased by 75 per cent to €15,675 million.
Exports of telecom equipment decreased by €1,052 million to €2,606 million (-29 per cent) and electrical machinery by €1,608 million to €8,557 million (-16 per cent).
Ireland 's annual merchandise imports decreased from €57,384 million in 2001 to €55,303 million in 2002; exports in 2002 increased slightly to €93,723 million from €92,690 million in 2001.
The dominance of the chemical sector - which employs a small number of people - in the value of exports has distorted Ireland's GDP figures to such an extent that most economists regard GDP as an irrelevant gauge preferring GNP.
GDP - which measures the value of goods and services produced in the State - is estimated at 5.75 per cent but GNP, which strips out financial flows of foreign firms, was only 1.25 per cent. In other countries the opposite relationship applies to the measures.