Ireland's trade surplus fell 1.2 percent to €3.42 billion in June from May on a seasonally adjusted basis, as exports dropped 1.7 per cent, the Central Statistics Office reported today.

The surplus narrowed from €4 billion a year earlier, according to statistics published by the CSO.

Chemicals and related products accounted for €4,878 million (61 per cent) of the total exports of €7,988 million in June 2012.

Exports of Organic chemicals decreased by €358 million (18 per cent) in June 2012 compared to June 2011, while Medical and pharmaceutical products decreased by €300 million (12 per cent).

Meanwhile, Spanish exports slowed in June, undermining the only growth driver left in the euro region's fourth-biggest economy as the strictest austerity push in decades deepened the second recession since 2009.

Spanish exports rose 5.1 per cent to €18.9 billion compared with a 10.8 per cent increase a year earlier and a 6.2 per cent increase in May, the economy ministry said in a statement from Madrid today.

Imports slipped 1.4 per cent compared with June 2011 and the country's trade deficit narrowed to €2.7 billion.

Bloomberg