Minister for Trade and Commerce reacts to Trade Figures

The Minister for Trade and Commerce, Mr. Michael Ahern, T.D., today (Monday 29^th November 2004) reacted favourably to the trade figures issued today by the CSO. While exports for the month of September 2004 are down 11% on August 2004 figures, overall the figures show an increase in the value of exports of 5% for the January – August 2004 period, relative to January – August 2003. The balance of trade continues to be in Ireland’s favour, with figures for September showing a surplus of €2.3 billion.

Minister Ahern said “I am very pleased that Irish exporters are continuing to hold their own in a prevailing climate of low growth in Europe and the US, and I believe that we are well placed to take advantage of any resurgence in the European and US economies in the future.”

The US and the UK account for over 37% of Irish exports, with the US now firmly established as Ireland’s largest export market, taking 20.2% of the total. While exports to the US declined slightly (-0.5%) the Minister said that, “given the continuing high level of the Euro against the US Dollar and the pound Sterling, this is a very creditable performance by Irish exporters in a very competitive international market.”

The EU (including the UK) again increased its importance as an export market, and it now accounts for 62% of total exports. Exports to the EU increased by 5.5% in the January – August period, reaching more than €34 billion. Exports to Germany declined slightly, while the proportion of exports going to the UK continued to fall to 17% of the total. An increase of 33% in exports to Belgium was particularly noteworthy.

Pacific markets (Australia, China, Hong Kong, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand) are also increasing in importance, and exports there rose by 14% in value in the first seven months over the same period in 2003. This area now account for just under 8% of our total exports. “The Asia/Pacific region has long been recognised by this Government as a very important area of growth. Through the Asia strategy we continue to target the huge potential markets that this region offers to Irish exporters,” Minister Ahern concluded.

ENDS/TC127