There was a sharp drop in exports in December as a US slowdown and the strength of the euro began to bite.
The Central Statistics Office said the value of exports came to €6,205m in December, down 17% from November, while imports dropped 13% to €4,907m. The figures are adjusted to take seasonal factors into account. The trade surplus of €1.3 billion was the lowest since July 2000.
Bloxham economist Alan McQuaid said it was clear now that the slowing US economy and the strength of the euro were starting to affect goods exports.
'While the export figures tend to be quite volatile, these figures do indicate the pressure that many exporters are having, particularly those selling into the US,' said NIB economist Dr Ronnie O'Toole.
For the first 11 months of 2007, exports were up 4% to just under €82.8 billion compared with a year earlier. Chemicals, industrial machinery and dairy products showed the strongest growth. Exports to China and Hong Kong jumped by 32% to almost €1.8 billion.
Imports were 3% ahead at €57.1 billion in the first 11 months, as transport equipment - including planes - doubled to €2.5 billion.
Separate CSO figures showed that factory gate prices fell by 0.6% in January from the previous month. This resulted in an annual fall of 3.8%. Prices of dairy products fell by 4% in the month.
A breakdown also showed that energy product prices rose by 1.2% in the month, with petroleum products increasing by 4.1%.
