Source: CSO

Irish goods exports rose 8% in year to May; Minister lauds "remarkable achievement" of US-owned firms; Claims "strong vindication of the Government’s work"

In year to May, seasonally adjusted  Irish goods exports rose 8% while imports decreased by 14%, leading to an increase in the trade surplus of 41% to €4.62bn, according to the Central Statistics Office. The Minister of Sate for Commerce lauded the "remarkable achievement" of US-owned firms and said it was a "strong vindication of the Government’s work." On an unadjusted basis, the value of exports in May 2010 were up by 6% compared with May 2009, while imports fell by 9%.

"Latest trade figures are impressive" - Minister Kelleher; is the headline of a press release issued by the Department of Enterprise and Innovation, read. The Minister of State only issues such statements when the figures are positive and given that about 20 US-owned pharmaceutical and medical device firms are responsible for more than 50% of goods exports, the data is volatile from month to month.  Today's statement says Minister for Trade and Commerce,  Billy Kelleher, TD, described as "encouraging" the latest merchandise trade figures. Kelleher, who in the past has signalled that he isn't aware why Belgium is one of Ireland's main export destinations, said "These figures are very encouraging, and show a reverse of the negative trend for the earlier part of the year."

"The performance is a remarkable achievement given the current economic climate and clearly reflect the growing signs in our economic recovery. The data shows the resilience of Irish exporters in difficult times and represents a strong vindication of the Government’s work in promoting an export-led recovery.

"Irish exporters are clearly competing successfully at world-class level and conscious of the recent economic slow-down in some of our markets these trade figures assure me that the exporting sector will continue to be competitive.

"Our continued strong export performance will be a key factor underpinning our economic prosperity,” he concluded.

The Irish exporters are the likes of US firms, Intel, Microsoft and Pfizer.

So the bluster about the performance  being "a remarkable achievement," is part of the knee-jerk spin from policymakers.

An analysis of trends between the first four months of 2009 and 2010 shows:

• Organic chemicals decreased by 20% (or €1.59bn), Computer equipment by 42% (€995m) and Other transport equipment (including aircraft) by 83% (€402m).

• Exports of Medical and pharmaceutical products increased by 9% (€590m) and Essential oils by 7% (€134m).

• Goods to Belgium decreased by10% (€499m) and to Grea tBritain by11%(€477m). Exports to Saudi Arabia increased by 58%(€75m) and to Australia by34%(€68m).

• Computer equipment decreased by 53% (€841m), Other transport equipment (including aircraft) by 17% (€311m) and Electrical machinery by 12% (€96m).

• Imports of Petroleum increased by 28% (€312m), Medical and pharmaceutical products by 20% (€185m) and Road vehicles by 46% (€178m).

• Goods from the United States decreased by 12% (€382m), from China by 33% (€340m) and from Great Britain by 5% (€215m). Imports from Switzerland increased by 168% (€220m), from Norway by 25% (€103m) and from Libya by 313% (€77m).