Exports to the US and other areas outside the EU have continued to accelerate dramatically, despite the slowdown in the US economy.
On a seasonally adjusted basis, Irish exports to non-EU countries rose to £2.51 billion (#3.2 billion) in March from £2.27 billion in February, underlying the continuing strength of the export sector.
Comparing January-March 2001 with the same period in 2000, which provides a more reliable picture, exports were up some 44 per cent to £7.09 billion. Exports to the US rose even faster - at 58 per cent - to £3.37 billion.
Organic chemicals, which rose by 97 per cent, and electrical machinery, which was up 74 per cent, accounted for about half of the overall increase, according to Mr Jim Power, investment director at Friends First.
According to Prof John FitzGerald of the ESRI it is possible the weak euro was persuading many US firms to produce more here rather than in the US.
"If that is the case it means we would be even more vulnerable when the situation changes."
The strong level of exports does place a question mark under some of the more pessimistic growth forecasts for 2001, even if much is due to continuing strong exports of raw material for Viagra.
However, the Quarterly National Household Survey also released yesterday by the Central Statistics Office underlines the tightness of the labour market. Unless productivity takes off once again, the sheer slowdown in labour force growth means that output will have to fall back substantially this year.
The figures also underline the gap between the export performance of the multinational sector and indigenous firms. Food and live animals exports over the period are up only 8 per cent while beverages and tobacco are up 21 per cent.
