From a November high of €8.25bn, seasonally
adjusted Irish merchandise exports fell by 9% to €7.50bn in December. Imports
increased by 8% to €4.02bn, resulting in a 23% decrease in the seasonally
adjusted trade surplus to €3.48bn. The Central Statistics Office said a
substantial part of the decline in the value of exports was due to a high value
product in the pharmaceutical sector coming off patent in December.
The figures for January to November of 2011
compared with the same period of 2010 show:
Exports increased by 5% to €85.74bn: Exports of
Medical and pharmaceutical products increased by 11% or €25.66bn, Organic
chemicals by 8% or €1.46bn, Dairy products by 26% or €340m and Meat by 15% or
Exports of Computer equipment fell by 11% or
Goods to the US increased by 6% or €1.11bn, to
Great Britain by 4% or €480m and to France by 12% or €480m.
In the first eleven months of 2011, the US (23%),
Belgium (15%) and Great Britain (14%) were Ireland’s main export markets.
Imports increased by 6% to €44,136m: Imports of
Petroleum increased by 25% or €940m, Medical and pharmaceutical products by 23%
or €746m and Organic chemicals by 23% or €438m. Imports from Great Britain rose
by 14% or €1,726m and from Germany by 13% or €399m.
In the first eleven months of 2011, nearly one
third (32%) of Ireland’s imports came from Great Britain.
Conall Mac Coille, chief economist at Davy
Goods exports down in December but up in Q4
- Irish goods exports fell from €8.25bn in
November to €7.5bn in December;
- This means that the value of Irish goods
exports rose by 2.4% in Q4 over Q3;
- Goods imports rose to €4.0bn in December, up
from €3.7bn in November.
Trade balance declines in December
- The trade balance fell to €3.4bn in
December, down from €4.5bn in November;
- The goods trade balance was €11.7bn in Q4,
up from €11.2bn in Q3.
Goods export volumes bounce back in
November following the values data
- The goods volumes data lag values by one
- Goods export volumes rose by 8.0% in
November, to reach their highest level this year, following a 5.5% fall in
No clear evidence of a material slowdown in
- As is clear from the pattern of goods
exports growth in 2011, we should not infer too much from one month's data -
- specifically the sharp fall in December;
- Goods export values rose in Q4 over Q3;
- There is little tangible evidence that the
contraction in euro area GDP in Q4 is pushing down on demand for Irish
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