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Trade surplus increases by €1bn - CSO

The seasonally adjusted trade balance for August rose to €4.9 billion – the highest on record.

IRELAND’S SEASONALLY ADJUSTED trade surplus rose by €1 billion in August on the previous month, according to newly released figures by the Central Statistics Office (CSO).

Exports rose 16 per cent to €9.1 billion compared with July, according to preliminary figures, while imports rose by 5 per cent on the previous month – leaving a record-breaking surplus of €4.92 for August.

Comparing August 2012 with August 2011, the value of exports increased by €1,273 million (18 per cent), with the main drivers being organic chemicals (+ €458 million), medical and pharmaceutical products (+ €219 million) and essential oils (+ €158 million).

Overall, the EU accounted for €4,594 million (55 per cent) of total exports in August, with Great Britain and Belgium accounting for 27 per cent of total exports. The USA was the main destination for exports outside the EU accounting for 21 per cent of the total.

Imports increased by €151 million (4 per cent) to €3,837 million in August 2012 compared with the same period of the previous year. The CSO says this was mainly due to an increase of €81 million in the imports of food and live animals.

Around 60 per  cent of imports (€2,270 million) in August 2012 came from the EU with Great Britain accounting for 31 per cent of the value of imports. The USA (10p er cent) and China (6 per cent) were the main non-EU sources of imports during that period.

The data shows that, for the first eight months of 201,  exports amounted to €62,493 million and imports to €32,591 million representing a trade surplus of €29,902 million.

Read: Iran to lift ban on Irish beef>

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