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30/07/2009
'Green Shoots' Despite Export Fall By 8%
While the latest statistics form the Irish Republic have shown exports have fallen by 8% in May, it's not all bad news.
Despite the figures from the Central Statistics Office (CSO) showing a seasonally adjusted fall of 12% in May to €6.83 billion compared to April's exports, imports have increased 1% to €3.98 billion.
More encouragingly however is a rise in value of exports by 3% from €28,754 million to €29,657 during the first four months of the year.
The rise has been attributed to strong growth in exports of pharmaceutical and chemical goods, which has been a focus of the Government's strategy to develop Ireland as an 'innovation hub'.
Exports to the US from January to April rose 20% and there were significant increases in exports to Belgium, Switzerland, Bermuda and Spain.
However, exports of goods to Northern Ireland declined by 23% during the same period, mostly due to the currency difficulties, while there were also decreases in the Phillipines, Malaysia, Germany and Britain.
Despite the small increase in imports value, the sector has faired less well, falling by 21% in the first four months of 2009, primarily as a result of a mammoth 77% fall in car imports.
Imports of petrol-related products were down 31%, while iron and steel imports fell 56%.
(DW/BMcc)
Despite the figures from the Central Statistics Office (CSO) showing a seasonally adjusted fall of 12% in May to €6.83 billion compared to April's exports, imports have increased 1% to €3.98 billion.
More encouragingly however is a rise in value of exports by 3% from €28,754 million to €29,657 during the first four months of the year.
The rise has been attributed to strong growth in exports of pharmaceutical and chemical goods, which has been a focus of the Government's strategy to develop Ireland as an 'innovation hub'.
Exports to the US from January to April rose 20% and there were significant increases in exports to Belgium, Switzerland, Bermuda and Spain.
However, exports of goods to Northern Ireland declined by 23% during the same period, mostly due to the currency difficulties, while there were also decreases in the Phillipines, Malaysia, Germany and Britain.
Despite the small increase in imports value, the sector has faired less well, falling by 21% in the first four months of 2009, primarily as a result of a mammoth 77% fall in car imports.
Imports of petrol-related products were down 31%, while iron and steel imports fell 56%.
(DW/BMcc)
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