Irish trade surplus boost

It was the biggest surplus recorded so far, as exports rose by 2 percent while imports fell by 18 percent, preliminary figures showed. Year-on-year, the non-seasonally adjusted value of exports went down 6 percent, dragged by lower sales of organic chemicals and professional, scientific and controlling apparatus; while imports dropped 20 percent, as imports of medical and pharmaceutical goods fell sharply. Balance of Trade in Ireland averaged 1198083.06 EUR Thousand from 1970 until 2016, reaching an all time high of 5090600 EUR Thousand in October of 2016 and a record low of -294081 EUR Thousand in July of 1981. Irish seasonally adjusted trade surplus increased by 34 percent to €5,091 million in October 2016 compared to an upwardly revised €3,803 million the previous month. 

It was the biggest surplus recorded so far, as exports rose by 2 percent while imports fell by 18 percent, preliminary figures showed.

Seasonally adjusted exports increased €192 million, or 2 percent, to €10,267 million compared with September's reading of €10,075 million; while imports decreased by €1,096 million, or 18 percent, to €5,176 million from €6,272 million, preliminary figures showed. Year-on-year, the non-seasonally adjusted value of exports decreased €644 million, or 6 percent, to €10,111 million, due to lower sales of organic chemicals (-15 percent), and professional, scientific and controlling apparatus (-12 percent). By contrast, exports of electrical machinery, apparatus and appliances increased by 159 percent. 

The EU accounted for €4,796 million (48 percent) of total goods exports, of which €1,332 million went to Belgium and €1,019 million to the UK. Exports to the EU decreased by 9 percent in October 2016 compared with October 2015, while non-EU exports decreased by 3 percent over the same period. 

The US was the main non-EU destination accounting for €2,759 million (27 percent) of total exports. Meanwhile, imports dropped by €1,241 million, or 20 percent, to €5,095 million compared with October 2015, mainly due to lower purchases of medical and pharmaceutical products (-19 percent), machinery specialised for particular industries (-51 percent) and petroleum (-20 percent). 

The EU accounted for €3,303 (65 percent) of the value of goods imports, with €1,314 million (26 percent) of total imports coming from the UK. Imports from the EU decreased by €573 million (-15 percent) in October 2016 compared with October 2015. Non-EU imports decreased by €669 million (-27 percent) over the same period. The US with €658 million (13 percent) and China with €394 million (8 percent) were the main non-EU sources of imports.