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News : Irish Economy Last Updated: Jun 16, 2015 - 8:49 AM


Irish goods exports rose a record 30% in April - due to fake tax-related transactions
By Michael Hennigan, Finfacts founder and editor
Jun 15, 2015 - 3:32 PM

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Preliminary figures for April 2015 show that seasonally adjusted Irish goods exports increased by €989m (+12%) from March to €9.3bn, the highest monthly figure in the published series according to the CSO. Seasonally adjusted imports for April decreased by €279m (-6%) leading to a significant increase of €1.27bn (+38%) in the seasonally adjusted trade surplus to €4.6bn in April.

There was a slight fall in food & live animal exports in the month and a rise of only 2.6% in the first four months of 2015 compared with the same period in 2014.

Irish overseas 'contract manufacturing' mainly tax avoidance

High value of exports continues in April: The (unadjusted) value of exports for April 2015 was €9.2bn representing an increase of €2,123m (+30%) when compared with April 2014. This also represents the highest monthly value in the published series. The main driver behind the April 2015 increase was the increase in the exports of Medical and pharmaceutical products of €1.1bn (+63%) to €2.8bn. The exports of Organic chemicals also increased by €560m (+40%) in April.

The EU accounted for €4,721m (51%) of total exports in April 2015 of which 15% went to Belgium. The USA was the main non-EU destination accounting for 24% (€2,228m) of total exports in April 2015.

Imports of Chemicals and related products up: The (unadjusted) value of imports for April 2015 was €4.7bn representing an increase of €401m (+9%) when compared with April 2014. During April 2015 imports of Chemicals and related products increased by €234m (+25%) to €1,179m and imports of Miscellaneous manufactured articles increased by €137m (+28%) to €628m. Imports of Machinery specialised for particular industries also increased in April by 86% to €225m.

The EU accounted for 61% of the value of imports in April 2015, with 27% of total imports coming from Great Britain. The USA (12%) and China (6%) were the main non-EU sources of imports.

Richard Bruton, enterprise minister, said: “At the heart of our jobs plan is building a new sustainable economy based on enterprise and exports. In the past four years we have seen major progress on this, with consistent growth in exports driving a strong employment recovery. Over 100,000 extra jobs have been created since we launched the Action Plan for Jobs in early 2012, with the export sectors accounting for almost half this growth.

“Today’s export statistics from the CSO showing that goods exports in April have increased 30% on last year to hit an all-time high are very welcome. Export growth has a direct impact in the form of job-creation, and the significant jobs announcement by seven exporting companies supported by my Department provides a tangible example of this.

“With strong implementation of pro-jobs policies by Government, we can continue this trend and achieve sustainable full employment by 2018.”

This is propaganda as rises in pharmaceutical exports have not triggered job creation for almost a decade. Note Bruton treats the 30% as if Irish factories of the American firms had actually ramped up production.

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