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File photo of Dublin Port Mark Stedman/Photocall Ireland
Exports

Exports down as port and shipping volumes fall

The Irish Maritime Development Office said it expects little improvement in manufacturing orders across Europe for the rest of the year.

THE VOLUME OF port and shipping traffic through the Republic of Ireland fell in the second quarter of 2012 according to figures released today by the Irish Maritime Development Office (IMDO).

Exports fell by 5 per cent in the second quarter as weaker demand conditions continued in the major global markets. This represents the first quarterly decline in exports since the beginning of 2010.

Figures show only one in five principal freight segments had any growth over the second quarter while all other segments declined compared to the same period last year.

In the first six months of 2012 exports have declined by 2 per cent while imports fell by 4 per cent.

The tanker or liquid bulk market was the only one to increase with a growth of 28 per cent, mainly due to the large volumes of crude oil being shipped at Bantry Harbours oil storage facilities.

Glenn Murphy at the IMDO said the outlook for the remainder of 2012 is flat with no significant uplift in the volume of demand for key trades expected.

“Manufacturing orders across Europe also show little signs of imminent improvement as the euro zone’s debt crisis threatens some of Europe’s major economies,” he said.

He added that any further oil price rises are likely to have a negative impact on both transportation and production costs.

Related: See-sawing: exports fall in June after May bounce back>

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