DUBLIN: Exports fell by 1 per cent in May and were down 3 per cent compared to the same month a year earlier, new figures from the Central Statistics Office (CSO) show.
The data reveals a €99 million drop in exports from April to May to €9.16 billion.
According to the figures, goods imports rose by €342 million or 7 per cent over the same period to €5.2 billion, leading to a 10 per cent – or €441 million – decline in the trade surplus to €3.96 billion.
On an annual basis, exports declined by 257 million or 3 per cent to €8.9 billion with the value of goods exported during the first five months of 2015, up 1 per cent or €409 million to €45.2 billion versus the same period a year earlier.
The decline in exports came despite a 19 per cent annual rise in medical and pharmaceutical goods to €2.02 billion, and a 127 jump in shipments of electrical machinery, apparatus and appliances to €477 million.
Over the year, exports of food and live animals fell by €70 million or 8 per cent to €781 million.
The value of goods imported into Ireland fell by €408 million or 6 per cent to €5.1 billion in the year to the end of May. For the first five months of the years, imports fell 8 per cent to €25.7 billion.
Imports of cars rose 49 per cent or €126 million to €381 million over the year. The biggest decline in imports were seen in industrial machinery, down 28 per cent to €107 million, and mineral fuels and lubricants, down 19 per cent to€353 million.
The European Union accounted for €4.6 billion of total goods exports in May 2016, equivalent to 52 per cent of all exports. Of this, €1.1 billion went to Belgium and €1.05 billion to Britain.
The EU accounted for 62 per cent of the value of all goods imported during May. The US and China were the biggest non-EU sources of imports.
Alan McQuaid, chief economist at Merrion Capital, said despite uncertainty due to Brexit, another solid performance was likely this year.
“Whatever about 2017 and beyond, we still think the overall merchandise goods surplus this year will be higher than in 2015. We are currently projecting a positive trade balance for 2016 of €44 billion and 45 billion, which would be a new record-high,” he said.
