Minister Kitt welcomes continued growth in Trade Kitt confident that Irish exporters can meet the challenges posedby the current very difficult global trading conditions Efforts to diversify the export base of Irish companies to continue - Tom Kitt

Minister for Trade Tom Kitt T.D., (today Wednesday 29^th August, 2001) welcomed the very strong trade performance recorded in the January - May 2001 trade figures, which were issued today by the Central Statistics Office.

The trade surplus for January - May 2001 grew by 39% on the same period last year to total over £10 billion (€12.7 billion). Ireland's trade with the United States, Germany, France, Italy, Belgium and the Netherlands accounted for nearly £8 billion (€10.2 billion) or 79% of this surplus.

The value of merchandise exports for January - May 2001 totalled £29.5 billion (€37.5 billion), an increase of 20% over the same period last year. Initial indications for June 2001 value exports at nearly £7 billion (€8.9 billion). The European Union accounted for 61% of Ireland's exports and the Eurozone accounted for 37%. As regards our three largest trading partners, Great Britain accounted for 19.8% of exports, 17.8% of exports went to the United States and 12.3% to Germany.

Markets showing particularly strong growth included our three biggest export markets, the United States, Great Britain and Germany, with growth of 39%, 18% and 39% respectively. Non-EU markets showing healthy export growth include the Philippines (+131%) Malaysia (+52%), Mexico (+154%) and Switzerland (+60%).

Minister Kitt said, "These figures continue to show that Ireland’s exporting sector is first class." While noting the excellent performance of Irish exports in the context of the slowdown in the global economy, Minister Kitt cautioned that, "Although our exports to the United States have shown substantial growth over the first five months of the year, the increase of 39% is nevertheless a slowdown on the 47% increase recorded in the first four months. Similarly, export growth to Germany has shown a slowdown from 53% in the first four months to 39% in the first five months. We must keep a close eye on developments in our major markets to ensure that Irish exporters can meet the challenges posed by the very difficult trading conditions which have existed in the global economy over the past few months", he said.

Minister Kitt added, "In this context, efforts to diversify the export base of Irish companies by continuing to develop markets in Europe, the Americas and Asia are essential. My Department, in conjunction with Enterprise Ireland, will be keeping a close watch on how best we can take advantage of new trading opportunities as they arise in the future." concluded the Minister.