THE REPUBLIC’S export engine is losing some momentum, according to new CSO data. Seasonally adjusted figures released yesterday showed the value of goods exports in November declined marginally compared to the previous month, to stand at just over €7.5 billion.

This marked the continuation of a downward trend in evidence since mid-year. After reaching an eight-year peak in July, goods exports fell by 4 per cent in the four months to November. Despite this, the value of exports remains well above its recent trough, registered at the end of 2009.

The decline in export receipts in the second half of 2010 was driven entirely by sharply falling average prices received for Irish-made goods. By contrast, the volume of exports continued to grow strongly, to reach an all-time record monthly high in October (figures on prices and volumes are available only to October).

The value of goods imports has been falling much more markedly than exports, and for a longer period. At just under €3.5 billion in November, import values were down on the month and more than 17 per cent below their recent peak, recorded in April 2010.

In contrast to exports, import prices rose slightly over the course of 2010 and the decline in the value of imports was driven entirely by volumes.

The import patterns over 2010 mirror closely developments in the domestic economy, which has shown little sign of recovery.

The combination of falling imports and still-high exports has resulted in record monthly trade surpluses in 2010. The full year will almost certainly see the largest ever annual surplus.

Over the first 10 months of the year, Ireland ran trade surpluses with almost all its main trading partners. Britain and China were the exceptions. Small deficits were recorded with both, as has been the case over an extended period.