Exports to non-EU states continued to rise dramatically in January, despite worries about an impending slowdown.

Overall exports to non-EU states rose to £2.6 billion (€3.3 billion) in January 2001 from £2.4 billion in December 2000. On an unadjusted basis exports were 73 per cent higher in January than a year earlier. However, January 2000 was exceptionally low in terms of exports at only £1.32 billion. If it continued for the rest of the year this high rate of growth would point to another record year for the economy but it is important not to read too much into one month's data. Most analysts believe exports will turn down significantly over the rest of this year.

Imports rose 31 per cent over the year from January 2000 to £1.57 billion.

Exports to the US rose by 104 per cent to £1.15 billion. Organic chemicals were a huge factor, showing a 249 per cent increase to £801 million, partly accounted for by sales of Viagra. Exports of electrical machinery also rose strongly to £313 million, up 69 per cent.

In contrast sales of telecommunications equipment were down 20 per cent at £48 million.

Exports of live animals and food were up 38 per cent, but this was before the news of foot-and-mouth affected sales.

By destination, exports to Switzerland rose significantly, up 116 per cent to £131 million.

Imports from the US also rose strongly and were up 37 per cent at £611 million. Imports from Malaysia were up 69 per cent at £64 million while imports from the Philippines were down 23 per cent at £11 million.

Imports of computer equipment continued to climb to £415 million, 29 per cent ahead of January 2000.