The value of exports from the Republic grew 5 per cent to almost €60 billion in the first eight months of the year, according to the latest figures, writes Barry O'Halloran.
The Central Statistics Office (CSO) said yesterday that exports from the State hit €59.729 billion between January and August, a 5 per cent increase on the €56.927 billion recorded during the same period last year.
Sales of chemicals, machinery, beverages and increased trade with China and Hong Kong helped drive the increase.
Imports grew at a slower rate during the same time frame to €40.81 billion from €39.55 billion last year, an increase of 3 per cent.
The figures released yesterday also show that exports in September fell 5 per cent on August to €6.99 billion from €7.39 billion.
At the same time, imports dropped 6 per cent to €4.95 billion from €5.082 billion between August and September.
The numbers show that the Republic's trade surplus - the difference between exports and imports - for the first nine months of the year was €21.545 billion.
Alan McQuaid, chief economist with Bloxham Stockbrokers, pointed out yesterday that this was more than €1.6 billion ahead of the €19.94 billion surplus recorded during the same nine-month period in 2006.
He predicted that the surplus for the year would hit €27.5 billion. Mr McQuaid said that export performance strengthened "markedly" this year, following a subdued 2006. But he warned that recent turmoil in financial markets could lead to export growth falling next year.
The CSO also produced figures yesterday showing that manufacturing prices dropped 3.1 per cent in October to 88.3.
The index takes prices in 2000 as its benchmark, which is set at 100.
However, the figures show that energy costs were 13.1 per cent up in October, compared with the same month last year.
Petroleum fuels were up 14.5 per cent over the same period.
Figures also show that dairy products were up 16 per cent in the same time frame.
The overall drop in wholesale prices resulted partly from falls in the cost of office machinery, medical, precision and optical instruments, and other materials.
