MINISTER KITT WELCOMES IRELAND'S TRADE SURPLUS FOR THE FIRST FIVE MONTHS OF 1999

The Minister for Labour, Trade and Consumer Affairs, Mr. Tom Kitt T.D., today (Tuesday 12th October, 1999) welcomed the very large trade surplus recorded in the January to May 1999 trade figures released today by the CSO. The value of merchandise exports for the period January to May 1999 totalled £20 billion, an increase of 14% over the same period in 1998. The trade surplus for January to May 1999 totalled £6.6 billion, a 43% increase over the same period last year.

Merchandise exports for the month of May 1999 totalled nearly £4.3 billion with the trade surplus totalling over £1.6 billion. Exports and the trade surplus, on a seasonally adjusted basis, recorded their highest values ever. Initial indications for June 1999 show exports totalled nearly £4.4 billion which indicates that strong growth in exports is continuing.

The Minister welcomed the continuation of Ireland's strong export performance. Exports for January to May 1999 to the United States increased by 18% over the same period in 1998 to total nearly £2.9 billion. In addition, there were large increases to the Netherlands, France, Finland and the United Kingdom. The EU accounted for nearly 66% of exports with the US accounting for 14.5%.

Some of the countries affected by the Asian economic crisis in 1998 including Malaysia, Philippines and Singapore showed strong growth for exports during the first five months of 1999. Malaysia in particular showed very strong growth in exports for the period January to May 1999, increasing by 269% or £212 million over the same period in 1998.

Export sectors showing very strong merchandise export growth were computers, telecommunications equipment and chemicals.