MINISTER KITT WELCOMES IRELAND'S TRADE SURPLUS FOR THE FIRST SIX MONTHS OF 1998

Mr. Tom Kitt T.D., Minister for Labour, Trade and Consumer Affairs, today (Thursday, 8th October 1998) welcomed the very large trade surplus in the CSO's January to June 1998 trade figures. The trade surplus for the first six months of 1998 totalled nearly £6.4 billion, an increase of 50% over the same period in 1997. The value of merchandise exports for the period January to June 1998 totalled nearly £22 billion, an increase of 31% over the same period in 1997. The trade surplus for the month of June 1998 alone totalled over £1.7 billion.

Minister Kitt said "These latest trade figures demonstrate the continued strength of Irish exports as well as the underlying strength of our economy. I welcome in particular the strong growth in exports to Britain, Germany, and France. Trade with Northern Ireland has also grown significantly." The Minister drew attention to the surge in Irish exports to the US which totalled £3 billion -73% up on the same period last year. Minister Kitt is to lead a software trade mission to the West Coast, USA later this month.