Source: CSO

Seasonally adjusted Irish merchandise exports fell by 8% in July, relative to June 2009 and imports hit a new low point for recent years. June 2009 exports increased by 5% relative to May 2009 while imports decreased by 9%, according to the CSO.

On an unadjusted basis, the value of exports in July 2009 was 5% down on July 2008, while the value of imports was down 31%. The value of exports in June 2009 was up 5% on June 2008 and the value of imports was down 24%.

Comparison of the Preliminary July 2009 to July 2008 data shows an all round drop in trade with the UK. Chemical exports to the rest of the EU and the USA grew while Machinery imports from the EU and the USA fell.

On Wednesday, the Irish Exporters Association said in its Half-Year Review 2009 merchandise exports for the first half of 2009 show a return to growth of just under 2%, which the IEA calls a remarkable performance given the current economic climate. It is forecasting, based on half year figures that for the full year merchandise exports will increase by two percent over 2008 figures with service exports falling by one percent. Taken together this would see total Irish exports rising by one percent to €155 billion for 2009. The association said exports have been boosted by the US-owned life sciences sector which account for 56% of total merchandise exports.

The January-June figures for 2009 when compared with those of 2008 show that:

Exports increased from €43,244m to €44,321m (+2%) - - Medical and pharmaceutical products increased by 22%, Organic chemicals by 19%, Other transport equipment (including aircraft) by 262% (€414m) and Professional, scientific and controlling apparatus by 11%.

Computer equipment decreased by 27%, Electrical machinery by 28%, Metalliferous ores by 55%, Industrial machinery by 37%, Chemical products by 7%, Telecommunications equipment by 23% and Power generating equipment by 45%.

Goods to Belgium increased by 32% (most would have been transhipped to other countries), the United States by 18%, Spain by 7%, Bermuda by €119m and Japan by 14%.

Goods to Great Britain decreased by 10%, Germany by 19%, Northern Ireland by 23%, the Philippines by 68% and the Netherlands by 7%.

Imports decreased from €30,256m to €23,777m (-21%) - -  Road vehicles decreased by 79%, Computer equipment by 40%, Petroleum products by 38%, Specialised machinery by 54%, Iron and steel products by 61%, Telecommunications equipment by 30%, Industrial machinery by 36% and Electrical machinery by 16%.

Other transport equipment (including aircraft) increased by 100%, Medical and pharmaceutical products by 4%, Power generating machinery by 13%, Animal feed by 19%, Organic chemicals by 4%, Professional, scientific and controlling apparatus by 6% and Tobacco by 35%.

Goods from Great Britain decreased by 31%, Germany by 45%, China by 28%, Japan by 52%, Spain by 49% and Italy by 34%.

Goods from the United States increased by 34%, Canada by 23%, India by 31%, Argentina by 106% and Algeria from €1m to €24m.

The big rise in shipments to and imports from the United States, reflects the buoyant mainly US-owned medical and pharmaceutical sectors.

The CSO said today that compared to 2nd quarter 2008, merchandise imports at €11,474m were almost €3.2bn down; exports at €20,790m were slightly up.

Services exports at €17,029m were down over €300m largely due to lower earnings from tourism, financial services, insurance and trade related services being partly offset by higher receipts from royalties/licences, operational leasing and miscellaneous services. Service imports increased by over €0.9bn to €19,156m due to higher royalty payments (€5,148m) and miscellaneous service imports (€5,205m).