The Republic's trade performance remains exceptionally strong, with monthly exports hitting a new record in May of over £4.3 billion (€5.5 billion), according to data from the Central Statistics Office.
The latest figures add to evidence from other statistics, particularly the recent Exchequer figures, that economic growth was very strong in the first half of this year.
The provisional trade figures for May show exports were £4.31 billion during the month, some 22 per cent higher than the same month last year. On a seasonally adjusted basis, exports during the month were more than 10 per cent higher than the previous month.
While consumer spending appears to be remaining buoyant, the overall level of imports in May at £2,630 million was little changed from the same month last year and, after seasonal adjustment, was also roughly in line with the April figure.
The export trend has shown a generally steady upward rise in the monthly total for the past 3 1/2 years, with the total only falling back slightly once in a while. The estimate total of £4.31 billion in May compares to just £2.5 billion in the same month in 1996.
The trend in monthly imports also generally rose from late 1996 to early this year, but has been flat in recent months.
The strong performance of exports in May, combined with flat imports, meant the surplus of exports over imports is estimated to have hit a monthly record of £1.68 billion.
As the May data is provisional, the CSO in yesterday's release presented detailed figures for the January to April period. This showed that overall exports during the first four months, at more than £15.4 billion, were some 10 per cent up on the same period last year.
The high-technology sector continues to lead export growth, with sales of computer equipment up 19 per cent to £3.68 billion and exports of organic chemicals up 15 per cent to almost £2.6 billion. Exports to the US were 18 per cent up on the same period last year. Exporters may also have gained from the weakness of the euro against the dollar. Imports in the first four months rose just 1 per cent to over £10.5 billion. The strongest growth was in imports of telecommunications equipment, up 30 per cen to £376 million.
The strong trade performance is a key factor continuing to boost economic growth this year and boosting job creation, particularly in the computer sector. The latest figures add to the evidence provided by recent data of strong growth.
Exchequer figures have shown an unprecedented rise in tax revenues while unemployment is falling, retail sales remain strong and consumer and business borrowing is rising rapidly.
