Irish exports dipped slightly in May after reporting robust growth in the first four months of the year, according to the latest data published by the Central Statistics Office (CSO).

On a seasonally-adjusted basis, the value of goods exported from the State fell by 2 per cent to €7.39 billion in May, while imports rose by 3 per cent to just over €5 billion.

This resulted in a trade surplus of €2.37 billion for the month, down 12 per cent from April.

However, the CSO also said exports surged 9 per cent between January and April compared to same period in the previous year, increasing from €28 billion to €30.4 billion.

"These figures represent a very good performance by Irish exporters in a difficult trading environment," Minister for Trade and Commerce John McGuinness said yesterday.

He described the growth in exports to Asia as "particularly heartening". Exports to China and Hong Kong rose by 38 per cent to €591 million during the first four months of 2007.

"Trade between Ireland and China is growing, and there is significant growth also in other key emerging markets in Asia."

The US remained the State's single largest export market outside of the EU. Irish exports to the US rose by almost 8 per cent to €5.7 billion in the first four months of 2007.

Roughly half of all exports from the State between January and April were chemicals or related products, with more than €15 billion of such goods exported during this period.

Rossa White, an economist with Davy Stockbrokers, said the recovery in goods exports was a key driver of the healthy economic growth recorded in the first half of 2007. However, the slowdown in import growth rates indicated that retail sales growth in the State may moderate over the coming months.