Economists say trade figures could affect economic growth in the second quarter following a sharp drop in the country's trade surplus in June.
Central Statistics Office figures show that seasonally adjusted exports for June fell by 11% from May to €6.6 billion, while imports rose 5% to €4.6 billion. As a result, the seasonally adjusted trade surplus fell to €1.9 billion in June, a 35% drop from the €3 billion figure in May.
A note from Davy Stockbrokers said that although goods exports rebounded in the second quarter of this year, imports were still growing faster. It says that in Q2, exports were up 3.5% on the same period last year, while imports rose by 8.7%.
Comparing the January to May 2005 figures with the same period in 2004, the CSO said that exports increased 2% from €3.4 billion to €3.5 billion. Exports of organic chemicals increased by 13% and computer equipment exports fell 4%, with telecommunications and sound equipment exports down by 28%.
Over the same period, imports rose 8% to €2.2 billion, led by road vehicles imports (+20%), other transport equipment (+71%) and petroleum and related materials (+37%). On a country basis in the first six months OF 2005, exports to France increased 14% while Switzerland exports surged 33%.
Exports to the US fell 3%, by 2% to Great Britain and by 6% to Germany. Imports from Great Britain increased 8% over the same period, and by 15% from the USA. China imports surged 18%.
