Exports rebounded strongly in May, according to trade statistics published yesterday by the Central Statistics Office (CSO).

After falling to €6.8 billion in April from €7.5 billion in March, the value of exports rose to €8 billion in May, a monthly rise of 17 per cent, when adjusted for seasonal patterns.

A similar pattern was evident for imports, which rose to a seasonally adjusted level of €4.8 billion in May, a rise of 6 per cent on the €4.6 billion recorded in April and compared with €5.2 billion in March.

As a result, the monthly trade balance recovered to €3.1 billion, its highest level since January and substantially higher than the €2.2 billion recorded in February.

The latest trend, which follows a weak performance last year, suggests that Ireland's export performance has become more volatile since February.

More detailed figures are available only up until April, but suggest that developments in the multinational sector continue to affect trade patterns.

Exports and imports in the high-technology sectors - chemicals and machinery and transport equipment - which are dominated by foreign-owned multinationals, fell by 12.8 per cent and 8.1 per cent respectively in April.

The two sectors account for two-thirds of Ireland's exports.

The surplus of exports over imports in the chemicals and related products category alone was €2.3 billion in April.

Deficits were recorded in the manufacturing goods and machinery and transport equipment categories.

Bloxham stockbroker Alan McQuaid said: "Ireland's competitive position has deteriorated in recent years and the new proposed national wage deal is not going to make life any easier for the exposed sector, in our view."

He added that Ireland's export performance would improve on last year, but would remain muted by international standards.