Exports were valued at £3.7 billion (€4.7 billion) in February one of the highest levels on record, according to the latest data from the Central Statistics Office.

Imports were valued at £2.52 billion, giving a trade surplus of £1.22 billion, compared with a surplus of just £799 million in February 1998.

On a seasonally adjusted basis imports remained low at £2.59 billion while exports rose to £3.98 billion, pointing to continued strong growth in the economy.

Initial indications for March show exports at £4.26 billion continuing to perform strongly. Imports are estimated at £2.81 billion, giving an unadjusted surplus of £1.45 billion.

Exports of computer equipment rose 29 per cent with exports of organic chemicals up 32 per cent. Exports to the US continued to grow strongly at 30 per cent with large increase also showing to the Netherlands, Malaysia and the Philippines.

While imports fell marginally imports of computer equipment rose 11 per cent and road traffic vehicles by 9 per cent. Petroleum products fell 23 per cent.

Interestingly imports from the US fell 11 per cent while imports from South Korea fell 40 per cent.