THE DUBLIN Port Company has reported the third successive monthly increase in trade through the State’s principal port.
Exports increased by 10.7 per cent during February when compared with the same month last year, while imports increased by 3.7 per cent, making for an increase in trade generally of 6.4 per cent.
The February figures constitute the third successive monthly year- on-year increase and follow a trend where trade levels at the port started to stabilise in April 2009 following several months of decline. Trade in the final quarter of 2009 was on par with the same period in the previous year.
As well as increased goods travelling through the port, there was also an increase of 5.8 per cent in the number of ferry passengers using the port.
The chief executive of Dublin Port Company, Enda Connellan, described the figures as “encouraging” and noted that the export figures were particularly strong.
“We remain focused on ensuring that Dublin Port Company can play its role in helping to fuel the return to economic growth by keeping Ireland’s main port efficient and competitive.
“We are continuing to invest in Dublin Port to drive further efficiencies and maintain our low-cost base for our customers, so costs to our unitised trade customers, which are 80 per cent of our business, remain 10 per cent lower than over 20 years ago.”
Michael Sheary, chief financial officer, said improved consumer sentiment for imports, Ireland’s competitiveness, the strength of the euro and renewed growth in the economies of Ireland’s main trading partners for exporters remained key issues in driving continued increases in trade levels at Dublin Port.
“Should these factors work in our favour, the uplift in trade could bring our total throughput on an annualised basis close to 28 million tonnes for the second half of the year, which would be only 10 per cent off our historic high of just under 31 million tonnes in 2007.”
Economist Jim Power said trade was particularly important for Ireland’s economy as it is more dependent on trade for GDP growth than any other European country, with the exception of the Benelux countries. “Our return to growth will be dependent on exports so trends in Dublin Port, which accounts for over half of this country’s trade, is an important barometer in assessing economic recovery,” he said.
“While underlying economic challenges clearly remain, it is particularly reassuring to see that export levels for February grew by over 10 per cent on the corresponding month in the previous year.”
The increase in exports coincides with increasing confidence in the US economy following the release of positive jobs data.
Service industries in the US expanded in March at the fastest pace since May 2006, indicating the US recovery is spreading beyond manufacturing and starting to create jobs. “The recovery is looking increasingly self-sustaining,” said James O’Sullivan, chief economist at MF Global Ltd in New York.
