The value of imports grew well ahead of exports in 2005 as higher oil prices and car imports took their toll on the trade balance.

Export growth was strongly dominated by the multinational chemical sector, but there was modest growth in food exports sector.

Data from the Central Statistics' Office (CSO) show that export values were up by 4 per cent last year over 2004. Import values were up by 9 per cent. Preliminary estimates suggest that the trade surplus fell to €32.2 billion compared with €33.3 billion in 2004, its lowest level since 2000.

Between January and November 2005 - for which final data is available - import values increased by €4.4 billion. Some €1 billion of this was computer imports related to multinational activity, while a further €900 million reflected increases in the price of petroleum products. Increases in imports of telecommunications equipment and transport vehicles accounted for a further €1 billion.

Over the same period, exports rose by €3.4 billion. But by far the bulk of this, €2.7 billion, was made up of exports in the organic chemicals sector.

Great Britain, China and the United States accounted for the bulk of the increase in import growth. Imports from Great Britain rose by €1,281 million year-on-year over the January to November period, while imports from China and the United States rose by €869 and €775 million, respectively. Growth in exports to Malaysia, Singapore and India, although lesser in magnitude, was significant in percentage terms.

The figures were welcomed by the Minister for Trade and Commerce, Michael Ahern. "Our trade for January to November with the key Asian economies, particularly China, India and Malaysia, had increased significantly, with exports to these countries increasing by 30 per cent while imports increased by 34 per cent over the same period in 2004. This builds on our work in implementing our Asian strategy to improve trade and related links with the major Asian economies", Mr Ahern said.

By country of destination, the largest increases in exports over the periods went to Belgium, (€759 million), France (€535 million), Switzerland (€595 million) and the Netherlands (€434 million).

However, trade figures for Belgium and the Netherlands are distorted by trade directed to other countries via the ports of Rotterdam and Antwerp.