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Imports and exports down in February – CSO

Ireland’s trade surplus declined by €197 million over the first two months of 2012, with both exports and imports falling.

Image: AKZOphoto via Creative Commons/Flickr

BOTH EXPORTS AND imports fell in Ireland between January and February of this year resulting in the trade surplus declining by €197 million, newly released data from the Central Statistics Office shows.

Seasonally adjusted exports fell by €1,053 million between January and February, while imports fell by €856 million during the same period.

According to the figures, exports totalled €7,387 million in February, with chemicals and related products accounting for €4,436 million (60 per cent).

Meanwhile, exports of medical and pharmaceutical products fell by €326 million (14 per cent) between February 2011 and
February 2012, while the value of exports of organic chemicals fell by €182 million over the same period.

Imports fell by €426 million (10 per cent) between February 2011 and February 2012, with the decline of €440 million in the imports of machinery and transport equipment accounting for most of the fall-off.

There was a slight increase in the imports of mineral fuel products, which rose €39 million (7 per cent) year on year

Trading partners

During the first two months of this year, exports amounted to €15,084 million. Overall, EU countries accounted for €4,608 million (62 per cent) of total exports in February 2012, with Belgium and the UK accounting for over half of that figure.

EU countries (not including the UK) accounted for over 50 per cent of exports of chemicals and related products in February 2012.

The US was the main destination for exports outside the EU,  accounting for 19 per cent of total exports in February 2012. The US also accounted for 21 per cent of exports of chemicals and related products during that period.

The UK was also the main source for imports in February, accounting for €1,350 million (35 per cent) of total imports.

Read: Manufacturers report highest increase in new business for 10 months>

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