Value of exports down slightly
The value of goods exports was down marginally by 0.2% year-on-year in May, despite a month-on-month increase of 6.9%, it has been revealed.
Exports are up in volume terms in Q2, however. The majority of Irish goods exports are priced in dollars because manufacturing industry is dominated by US-owned firms. Due to dollar weakness, export prices were down about 4-5% y-o-y in April-May.
As a result, merchandise exports increased at least 3% y-o-y in those couple of months.
Exports to China jumped 38% in January-May, whereas exports to almost all other destinations fell in value.
Imports down due mainly to reduced demand from Irish consumers, dopping 10.9% in May compared with the same month a year ago.
In April-May, imports have slipped 5.1% y-o-y in value.
Minister for Trade and Commerce John McGuinness, speaking from Geneva, where he is participating in the World Trade Organisation negotiations, expressed satisfaction with the latest statistics.
“The figures are indeed encouraging and represent an impressive performance by exporters in more challenging economic circumstances,” he said.
“It is pleasing to note that the data for May shows a welcome recovery in exports compared with the somewhat disappointing data for some of the early months of the year.
“This is reflected in the fact that the monthly trade surplus for May at €2.6bn, is over €0.3bn higher than the surplus in April. The results are even more impressive when account is taken of the decline in the exchange rate between the euro and both the US dollar and sterling, which increases the cost of our exports to the US and Britain.”
