Minister Kelleher comments on the latest Merchandise trade figures

‘Overall Trend Positive’ - Kelleher

The Minister for Trade and Commerce, Mr. Billy Kelleher, T.D., today (26^th November 2009) welcomed the latest trade statistics published by the Central Statistics Office today. The preliminary seasonally adjusted figures for September 2009 show that relative to August 2009, exports rose by 11%, while on an unadjusted basis the value of exports in September 2009 was unchanged from the same month last year, with the value of imports down 26%. The trade surplus was up 43% to €4 billion.

The Minister went on to say that “there were significant increases in exports of medical and pharmaceutical products, which were up 24%, and organic chemicals which rose 10% with professional, scientific and controlling apparatus rising 12%,” adding that “given the adverse impact often attributed to the strength of the Euro compared to the US dollar, it was very encouraging to note that our exports to the US were up 13%. Reflecting the continued drive to maintain our Euro area exports, our exports to Belgium and Spain also increased - by 31% and 6% respectively.”

Between January 2009 and August 2009 when compared to the same period last year, there was a decrease in our imports of 23%, which reflected a fall-off in the import of road vehicles (down 78%), petroleum products (down 38%) and iron and steel by 64%. The reduction in imports has meant our trade surplus has risen to €27 billion for the January-August 2009 period, compared to €18 billion for the same period in 2008.

The Minister also welcomed the latest data from the European Commission’s statistical agency, EUROSTAT, which shows that for the period January 2009 – August 2009, Ireland has the second largest trade surplus of the EU Member States, second only to Germany. The EUROSTAT figures also show that some of the major economies in the EU, such as the UK, France and Spain recorded trade deficits. The EUROSTAT data also shows that Ireland’s exports were virtually stable (-1%) for the period compared to the same eight months of 2008, while in most other Member States, exports fell by over 20%.

Given this overall positive trend, the Minister said “Irish exports continue to be a key factor in contributing to our future economic recovery and the work of my Department and its industrial development agencies will continue to focus on the importance of our exports as a driver to develop our economy. Their focus will not only be on our well established markets, but also the new and emerging markets for Ireland such as the United Arab Emirates, to which I led a trade mission last week”.

The Minister concluded by saying “this focus on trade success will greatly assist in overcoming the wider and very challenging economic climate ahead”.

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