Irish Trade Surplus Widens 19% in December


Irish trade surplus increased by 19 percent to €3,970 million in December of 2015, compared to a downwardly revised €3,324 million surplus in the previous month as exports grew 7 percent while imports were virtually unchanged. Year-on-year, exports grew 6 percent boosted by higher sales of medical and pharmaceutical products, while imports went up by 8 percent mainly due to purchases of road vehicles. Considering full 2015, the trade surplus went up to €44,015 million, hitting the largest surplus on record.

Seasonally adjusted exports went up by €656 million to €9,868 million in December from €9,212 million in November while imports increased by only €11 million to €5,899 million from €5,888 million, preliminary figures showed.

Year-on-year, exports grew €485 million or 6 percent to €8,709 million, boosted by higher sales of medical and pharmaceutical products (+27 percent) and professional, scientific and controlling apparatus (+20 percent). In contrast, exports of organic chemicals decreased by 16 percent. The EU accounted for €4,331 million or 50 percent of total goods exports of which €1,176 million went to the UK and €984 million to Belgium. The US was the main non-EU destination accounting for €1,991 million or 23 percent of total exports.

Meanwhile, imports rose by €472 million or 8 percent to €6,026 million, mainly due to higher purchases of organic chemicals (+169 percent) and road vehicles (+28 percent); while imports of petroleum dropped 10 percent. The EU accounted for €3,857 million or 64 percent of the value of goods imports, with €1,587 million of total imports coming from the UK. The US with €625 million or 10 percent and China with €383 million or 6 percent were the main non-EU sources of imports.  

Considering full 2015, the trade surplus the trade surplus went up to €44,015 million, hitting the largest surplus record so far. Exports totalled €111,038 million, an increase of 20 percent over 2014, as sales of medical and pharmaceutical products increased 36 percent. Meanwhile, imports grew to €67,023 million, an increase of 10 percent over 2014, as imports of chemicals and related products rose 22 percent and those of road vehicles were 33 percent.

Irish Trade Surplus Widens 19% in December


CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com
2/15/2016 11:41:12 AM