Irish trade surplus narrows in October

Ireland's trade surplus narrowed by 8 per cent to €2.9 billion in October, according to the Central Statistics Office, as exports declined and imports increased.

Irish goods exports amounted to €7.5 billion in October, down 2 per cent (€192 million) on the figure for September.

The value of goods imports increased by of €50 million or one per cent in the month to €4.5 billion.

European Union member states took about 59 per cent (€4.4 billion) of the value Irish goods exports in the month.

The US was Ireland’s single largest trading partner during the month, accounting for 20 per cent or €1.53 billion of goods shipped.

Comparing October 2014 with October 2013, the value of exports increased by €263 million (+4 per cent) to €7.5 billion. The main driver was an increase of €110 million (+23 per cent) in essential oils. Exports of medical and pharmaceutical products and organic chemicals increased marginally by 2 per cent.

The value of imports increased by €228 million (+5 per cent) to €4.6 billion between October 2014 and October 2014. The main driver was an increase in the imports of machinery and transport equipment of €187 million (+18 per cent).

Merrion economist Alan McQuaid said the overall performance of goods and services in the first three-quarters of 2014 was strong, up 11.9 per cent in volume terms.

“With signs that the world economy is starting to struggle again, particularly the Eurozone, there are doubts as to whether Irish merchandise exports will do as well in the coming quarters,” he added.