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Dublin: 12°C Tuesday 29 September 2020

Exports fall by 12 per cent in just one month

The value of Irish exports fell by €935m in July – denting hopes that external trade could help to refloat Ireland’s economy.

Image: INeedCoffee / CoffeeHero via Flickr

IRELAND’S HOPES for an export-led economic recovery have taken a significant blow, after exports fell by 12 per cent in a single month.

New data published by the Central Statistics Office shows that the value of goods and services exported in July was €7.027 billion – significantly down on the €7.962bn of work exported in June.

At the same time, the value of imports rose, from €3.779bn to €3.887bn, a net increase of €98m.

As a result, the trade surplus – the excess of exports over imports – fell by almost a quarter, down by over €1bn to €3.151bn in July. The surplus in June had been an all-time high, and had risen by 44 per cent in May alone.

On an unadjusted basis, exports fell by 10 per cent compared to the same month last year, while the level of imports was relatively unchanged.

Exports to the UK and France have both fallen over the last year, while trade to Germany was up. Trade to China has fallen by almost 10 per cent, though exports to the United States have grown significantly over that time.

Read: Irish export growth to slow as outlook for key markets dims – NIB >

Previously: Ireland records its highest ever trade surplus >

More: Ireland’s trade surplus rises 44% in May >

About the author:

Gavan Reilly

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