Minister McGuinness welcomes latest trade figures

Minister for Trade and Commerce, Mr. John McGuinness, T.D., speaking from Geneva, where he is participating in the World Trade Organisation negotiations, expressed satisfaction with the latest merchandise trade statistics released today by the CSO. The seasonally adjusted figures show that exports for May 2008 were up 7% relative to April and were virtually unchanged on the figure for May 2007. Merchandise imports for May 2008 rose by 3% relative to April 2008 and fell by 8% relative to May 2007.

The Minister said, “The figures are indeed encouraging and represent an impressive performance by exporters in more challenging economic circumstances”. The Minister went on to say “it is pleasing to note that the data for May shows a welcome recovery in exports compared with the somewhat disappointing data for some of the early months of the year. This is reflected in the fact that the monthly trade surplus for May at €2.6bn, is over €0.3bn higher than the surplus in April. The results are even more impressive when account is taken of the 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 - April 2008, shows that exports of Chemicals increased by 47% on the same period in 2007 with increases also in Medical and Pharmaceutical products and Electrical Machinery.

Regarding export markets, the Minister welcomed the very positive results in the January – April statistics for key markets, with exports to China increasing by 38%, Malaysia by 91%, Singapore by 13%, Russia by 20% and Poland by 39%.

23 July 2008

ENDS/TC324