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Value of Irish exports fell 12% to €10.9bn in February

Value of Irish exports fell 12% to €10.9bn in February

DUBLIN: The value of Irish exports fell by 12 per cent to €10.9 billion in February while imports rose marginally to €6.9 billion.

This resulted in a trade surplus for the month of just under €4 billion, down €1.5 billion or 28 per cent on the previous month.

While the monthly trade numbers from the Central Statistics Office (CSO) are volatile, the underlying trend remains positive with the value of exports for the year so far put at €22.3 billion, up 11 per cent on the corresponding period last year.

The main drivers were exports of medical and pharmaceutical products, which rose by €565 million (18 per cent) to €3.6 billion in February compared with the same month last year.

Exports of electrical machinery, apparatus and appliances fell by €343 million (47 per cent) to €385 million.

The Republic’s trade with Britain has so far been largely unaffected by Brexit with exports and imports remaining steady.

The latest numbers show exports to Britain fell €98 million or 9 per cent to just over €1 billion in February.