Minister welcomes positive trade figures

The Minister for Trade and Commerce, Mr. Michael Ahern T.D., welcomed the trade figures issued by the CSO today (Friday 28^th May 2004). The figures show that exports to all countries in February increased by 9% over the January figure, and by 8% over the same month in 2003.

First estimates for March suggest a further increase in exports, of just under 14% over the same month last year.

“After a difficult period for exporters, these figures are very welcome,” commented the Minister. “Irish exporters are clearly taking advantage of the recent improvement in the global economic climate. In this improved climate, the quality and value of Irish products place our traders in an excellent position to maintain and increase our share of global trade.”

The figures show that for the months of January and February, overall exports rose by 3% over the same period in 2003. Exports to EU countries increased by over 11%, with notable increases in exports to Belgium (+59%), France (+7.7%), Italy (+17.5%) and the Netherlands (+9.4%). Exports to Great Britain and Northern Ireland fell by 6%, while sales to Germany were static.

Exports to non-EU countries for the months of January and February fell by 10%. However, figures released recently by the CSO for non-EU trade show that in March non-EU exports increased by 16% over the same month last year.

The figures again show the importance of the chemical sector to the Irish economy; exports of medical and pharmaceutical products increased by 13% in January and February, with an additional increase of 37% in essential oils (principally used in the food and drinks industry). Overall, exports of chemical products increased by 8.2%, to reach €6.2 billion. Exports of computers and other electronic goods fell by 9%, to €3.1 billion. Exports of food increased by 3%, reaching €881 million.

“Taken together, these statistics suggest that trade has turned the corner,” concluded the Minister, “and that, barring any further external shocks, exporters can look forward to a more positive economic climate and a period of renewed growth in exports.”

ENDS/TC102