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Dublin: 6 °C Tuesday 18 June, 2013

Exports bounce back in May

Ireland’s export-led recovery continues.

FOLLOWING A DISAPPOINTING April, export figures bounced back in May with a seasonally-adjusted increase of €518 million.

The seven per cent increase, bringing total exports to €7.6 billion, was noted in preliminary figures released by the Central Statistics Office today.

Imports also increased by €515 million, or 15 per cent, so the trade surplus remained unchanged at €3.5 billion for the month.

Compared to the same month last year, exports increased by €172 million. The majority of that jump has been attributed to a 5 per cent rise in the export of medical and pharmaceutical products and a 9 per cent increase in the export of organic chemicals. Altogether, chemicals and related products accounted for over €4.5 billion of the total €7.6 billion exports.

As is usually the case, EU Member States were the destinations for the majority (58 per cent) of Irish exports with Great Britain, Belgium and Germany taking 36 per cent of products.

Outside the EU, America was the main importer of Irish goods.

The yearly increase of €268 million in imports was mainly due to a €208 million rise in the imports of transport equipment, including aircraft.

Great Britain was the main source of imports in May 2012 accounting for €1.1 billion (or 28 per cent) of total imports, followed by the USA at 16 per cent.

For the first five months of 2012 exports amounted to €38.3 billion and imports to €21 billion.

Minister for Jobs, Enterprise and Innovation Richard Bruton welcomed the latest figures, stating that exports to the key target countries of Great Britain, Germany, India and Russia have risen in each of the five months of 2012 so far.

He noted that  figures for the export of services released yesterday showed that Ireland was 11 per cent ahead of where it was this time last year.

“As I have said before, a strong export performance will be crucial to delivering the economic and jobs recovery we are all working so hard to achieve,” said Bruton in a statement. “Conditions in the markets into which we export have been difficult over recent months, and today’s statistics do show some real challenges, but the signs of continued strength are very welcome.”

Previously: Exports and imports dive in April>

Exports exceeding pre-recession levels and jobs stabilising – Enterprise Ireland>

Revealed: the single country that’s hurting Ireland’s trade balance

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Comments (9 Comments)

  • Hopefully we’ll hear about lots more of this kind of thing sooner rather than later!

    Reply
  • That’s good news but small business is in serious trouble

    Reply
  • Paul 13/07/12 #

    Exports increasing doesn’t mean anything for the ordinary person on the street. During the Famine when people died in their thousands, it didn’t affect grain and other produce exports from Ireland

    Reply
  • This is the export-led recovery that Brian Lenihan advocated & Richard Bruton snidely dismissed as “a fantasy”? Yes. That export-led recovery.

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    • The same Brian Lenihan whos catastrophic decision to blanket guarantee the banks debt imposed the biggest injustice in the history of our state on our people, and consignd a generation to debt slavery covering rich peoples gambling losses?

      That guy?

      Oh, and an export led recovery without growth in the domestic economy is more risk taking, and we’ve seen where that got us.

      You must think people have very short memories paul

      Reply
    • Please Paul. Brian Lenihan was without question the worst Minister for Finance that this country ever had. This was noted across the Financial world. The highly influential editor of the Financial Times, read by most CEO’s and bankers in Europe described his Govt. as the worst in Europe since WW2.

      It is a bit of a stretch to try to reinvent him as a competent Minister now. Stick with the line that he did his best for FF, a loyal party man. The no’s and facts challenge every other assertion about him.

      Reply
    • Fagan's 13/07/12 #

      Don’t forget Too True that he also changed the legislation when Anglo Irish was nationalized so as to allow those with more than 5 million. The proposed law was that people with more than 20 million on account but who owed multiples of that would have the account frozen. Not unusual in banking. He had it removed, and hundreds of millions of Euro’s flowed out to be picked up by the tax payer, to add insult to injury he then went and set up Nama to bail out the people he just let clean out the money. He had to be told by the EU that he was overpaying for everything and to cop himself on. The man was a great patriot for golden circle Ireland, a mighty FF man but for the Ireland that we live in, he was no friend of ours, very far from it. There are countless other examples of Brian putting friends and party donors above national interest.

      Reply
    • Ah now Fagan’s c’mon. Sure do ye not know in Ireland we don’t speak ill of the dead who destroyed our country, we give them state funerals like we did with haughey.

      Reply
    • censored 13/07/12 #

      It is a fantasy. GNP is still going down.

      It’s because of the unique nature of the Irish economy, which serves as a base for multinational companies to export into Europe. Some of the revenue stays here, most is repatriated.

      Someday I hope we’ll see Fianna Failed stop trying to revise history and peddle more tripe.

      Reply

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