Irish Trade Surplus Widens in June

Irish trade surplus widened to EUR 4.4 billion in June 2017 from EUR 4.1 billion in the same month of the previous year. Exports fell 5 percent from a year ago to EUR 10.2 billion, mainly due to a drop in sales of other transport equipment. Meanwhile, imports declined at a faster 12 percent to EUR 5.8 billion, dragged by lower purchases of road vehicles.

Year-on-year, exports decreased by EUR 542 million, or 5 percent, to EUR 10,189 million, due to lower sales of other transport equipment (-90 percent). Meanwhile, exports rose for food and live animals (26 percent), and medical and pharmaceutical products (14 percent).

The EU accounted for EUR 5,114 million, or 50 percent of total goods exports, a decrease of EUR 242 million, or 5 percent, compared with June 2016. Exports to Belgium were EUR 920 million and Germany were EUR 770 million. Exports to the UK increased by EUR 162 million, or 15 percent, to EUR 1,276 million, boosted by higher sales of chemicals and related products. The US was the main non-EU destination accounting for EUR 2,680 million, or 26 percent, of total exports in June 2017.

Meanwhile, imports fell by EUR 805 million, or 12 percent, to EUR 5,837 million compared with June 2016, due to lower purchases of road vehicles (-15 percent). By contrast, imports of medical and pharmaceutical products jumped by 129 percent.

The EU accounted for EUR 3,376 million, or 58 percent of the value of goods imports, in June 2017, a decrease of EUR 749 million, or 18 percent, from the previous year. Imports from the UK increased by EUR 29 million, or 2 percent, to EUR 1,334 million. The US with EUR 1,221 million, or 21 percent, and China with EUR 332 million, or 6 percent, were the main non-EU sources of imports. The total value of imports from non-EU countries in June 2017 was EUR 2,461 million, a decrease of EUR 56 million, or 2 percent.

In the first half of the year, the trade surplus increased to EUR 25.1 billion from EUR 21.6 billion in the same period of 2016, as exports advanced 7 percent to EUR 61.4 billion and imports rose at a slower 2 percent to EUR 36.3 billion.

Irish Trade Surplus Widens in June

CSO | Joana Ferreira |
8/17/2017 12:49:14 PM