Minister Ahern welcomes positive trade figures

Minister for Trade and Commerce, Mr. Michael Ahern, T.D., today (Thursday 18^th May 2005) welcomed the latest trade statistics released by the CSO. The figures show that exports increased by 5% in March 2006 relative to February 2006, indicating a resurgence by Irish exporters. Imports increased by just 1% in the same period. When compared with March 2005, exports in March 2006 increased by 7%.

Minister Ahern expressed his satisfaction with the March trade figures and the overall trend of the figures for the first quarter of 2006. The figures show a 5% increase in exports for the period January-February, 2006 relative to the same period in 2005. Ireland’s trade surplus also increased between February and March this year by 14%, to 2.3 billion. “All in all, exports are continuing to hold their own when you look at the longer term situation, Minister Ahern said.

While imports increased by 10% during January-February 2006 relative to the same period in 2005, Minister Ahern felt this could largely be attributed to the significant rise in oil prices – figures show that petroleum and related products increased by 47% during this period. “We are performing well in a difficult trading environment caused by rising oil prices,“ the Minister said.

Elsewhere, the Minister noted that, comparing the January-February 2006 figures with January-February 2005, exports of organic chemicals increased by 9%, exports of computer equipment by 10% and exports of electrical equipment increased by 9%. “I am particularly pleased that exports in these important sectors are showing signs of recovery,” the Minister said. The Minister also welcomed the sizable increase in exports to Germany, Luxembourg and Spain during this period. While imports from China increased by 41%, exports to China increased by 19%. “Trade between Ireland and China is growing and there is significant growth also in other key emerging markets in Asia, such as India, Malaysia and South Korea. This builds on our work in implementing our ‘Asia Strategy’ to improve trade and related links with the major Asian economies” the Minister added.

The EU continues to increase in importance as an export market, consistently accounting for 62% of all Irish exports. Minister Ahern said he was particularly pleased that the level of exports to the 10 new Member States was continuing to increase. “This is a very welcome trend. There are huge opportunities for Irish exporters in these new and developing markets and, already since EU enlargement in May 2004, we have begun to make our presence felt there. I would expect the upward trend in our exports to this region to continue,” the Minister concluded.

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