Irish Trade Surplus Falls From Record High As Imports Jump


Irish seasonally adjusted trade surplus decreased by 20 percent to €4,045 million in November 2016 from a downwardly revised record high of €5,040 million in the previous month, as imports jumped by 18 percent while exports fell by 1 percent, preliminary figures showed.

Seasonally adjusted goods imports increased by €938 million, or 18 percent, to €6,153 million from the previous month; while exports decreased by €57 million, or 1 percent, to €10,197 million, preliminary figures showed.

Year-on-year, the non-seasonally adjusted value of exports increased by €783 million, or 8 percent, to €10,961 million, due to higher sales of medical and pharmaceutical products (+28 percent), electrical machinery, apparatus and appliances (+152 percent) and food and live animals (+6 percent). 

The EU accounted for €5,471 million, or 50 percent, of total goods exports, of which €1,592 million went to the UK and €1,272 million to Belgium. Exports to the EU increased by 2 percent year-on-year, while non-EU exports increased by 14 percent over the same period. The USA was the main non-EU destination accounting for €2,893 million, or 26 percent, of total exports. 

Meanwhile, imports rose by €305 million, or 5 percent, to €6,501 million compared with November 2015, mainly due to higher purchases of medical and pharmaceutical products (+82 percent) and petroleum (+41 percent). By contrast, imports of road vehicles dropped 15 percent.

The EU accounted for €3,580 million, or 55 percent, of the value of goods imports, with €1,404 million, or 22 percent, of total imports coming from the UK. Imports from the EU decreased by 6 percent year-on-year, while non-EU imports increased by 23 percent over the same period. The USA with €1,336 million, or 21 percent, and China with €441 million, or 7 percent, were the main non-EU sources of imports.

In the first eleven months of the year, the trade surplus increased to €44.0 billion from €40.0 billion in the same period of 2015, as exports advanced 5 percent to €107.9 billion while imports rose 1 percent to €63.9 billion.

Irish Trade Surplus Falls From Record High As Imports Jump


CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/17/2017 11:43:08 AM