Minister McGuinness welcomes latest trade figures

24^th April 2008

Minister for Trade and Commerce, Mr. John McGuinness, T.D., expressed satisfaction with the latest merchandise trade statistics released today by the CSO. The figures show that exports for February 2008 were up 4% on the January figure and by 15% on the outturn for December last. Merchandise imports for February 2008 fell by 3% relative to January.

The Minister said, “The figures are indeed encouraging and represent an impressive performance by exporters”. The Minister went on to say “it is pleasing to note that the data for February shows a welcome recovery in exports compared with the somewhat disappointing data for the last two months. This is reflected in the fact that the monthly trade surplus for February, at €2.5bn, is over €0.4bn higher than the surplus in January and almost double the surplus for December last. This is even more impressive when account is taken of the continued decline in the exchange rate between the Euro and both the US$ and £ Sterling, which increases the cost of our exports to the US and Britain.

The Minister was particularly pleased to note that the more detailed data published by the CSO today for January 2008, shows that exports of Chemicals increased by 58% on the previous month and electrical machinery rose by 16% on the same period.

Regarding export markets, the Minister welcomed the very positive results in the January statistics for key emerging and Asian markets, with exports to China and Hong Kong increasing by 63%, Malaysia by 152% and Singapore by 54%. In addition, exports to some of more traditional markets were also very positive with exports to Britain up by 7% and to Spain by 12% in that month.

ENDS/TC319