EXPORTS REBOUNDED in September after declining in July and August, according to preliminary figures from the Central Statistics Office (CSO).
The latest data show seasonally adjusted exports rose by 11 per cent to €7.2 billion in September, while imports were down 2 per cent at €3.4 billion as the recession took its toll on consumer spending. On an unadjusted basis, the value of exports was unchanged from a year earlier, while the value of imports was down 26 per cent.
The country’s trade surplus was up 43 per cent to €4 billion.
The figures reveal a significant drop in trade with the UK, with both exports and imports down. The impact of sterling weakness was illustrated by a 15 per cent fall in exports to Britain in the first eight months of 2009, while imports were down 32 per cent. Exports to the US increased by 13 per cent between January and September.
Responding to yesterday’s figures, Irish Exporters Association chief executive John Whelan said that, while the increase in exports was welcome, the growth was mainly in the life sciences sector, with food and drink exports down significantly. He pointed out Belgium had replaced Britain as Ireland’s second-largest export market, due primarily to the quantity of pharmaceutical ingredients exported there.
The contraction of the British export market has major implications for Ireland’s indigenous food and drink sector, he said.
Business group Ibec said while the CSO figures highlight the resilience of Irish exporting, “serious pressures remain”, particularly in the decline in exports to Britain. The strong euro is also hitting markets such as Sweden and Poland.
