Business News

Exports down 7% in February, as imports rise 9%

Trade surplus declines by 21% from January to February to €3.77bn, CSO data show

Exports fell by €616 million or 7 per cent to €8.75 billion from January to February, new figures from the Central Statistics Office (CSO).

At the same time, imports rose by €409 million or 9 per cent to €4.98 million leading to a 21 per cent fall in the trade surplus to €3.77 billion.

Unadjusted figures reveal the value of exports increased by €40 million or 0.5 per cent on an annual basis to €8.38 billion.

Exports of electrical machinery jumped 155 per cent or €345 million to €568 million over the year. Exports of food and live animals increased by 5 per cent of €35 million to €778 million over the same period.

However, medical and pharmaceutical product exports fell by 6 per cent ot €133 million to €2.18 billion from February 2015 to the same month this year.

Imports fell by 1 per cent or €64 million to €4.94 billion on a yearly basis, the figures show.

Organic chemical imports rose by 47 per cent or €115 million to €362 million over the year while imports of vehicles jumped by 30 per cent or €95 million to €410 million.

Petrol imports were down 32 per cent or €99 million over the year to €212 million.

The EU accounted for 55 per cent or €4.6 billion of total exports in February, while the US was the main non-EU destination, accounting for €2.06 billion or 25 per cent of all exports. The EU also accounted for the majority of imports into Ireland, the data show.

Article Source: http://tinyurl.com/kbwqb42

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