Exports rose slightly in February compared to the preceding month, but were 12% higher than a year ago according to the latest external trade statistics.
According to the latest Central Statistics Office (CSO) data, the value of exports in February was €7.88 billion, up 1% on the January figure of €7.77 billion.
Imports were €5.45 billion in February, almost unchanged against the €5.46 billion recorded in January.
Exports still exceeded imports substantially, by €2.4 billion in February. This compared to a trade surplus of €2.31 billion in January.
On an unadjusted basis, the value of exports in February 2007 was €7.24 billion, which was up 12% on February 2006.
The value of unadjusted imports was €5.28 billion, up 8% on February 2006.
The value of exports in January 2007 was €7.38 billion, up 5% on January 2006 and imports of €5.6 billion were up 12% on the year.
In January 2007 compared to January the previous year, exports of organic chemicals rose 41% to €1.9 billion.
Exports to the US rose by 25% to €1.54 billion, and goods to Hong Kong rose to €147m. Exports to France fell by 20% to €388m and exports to the UK rose 4% to €1.1 billion.
In January US imports were up 75% to €915m compared to January 2006.
Imports from Japan fell 19% to €167m, goods imported from the UK rose 9% to €1.5 billion and imports from Germany were up 18% to €492m.
Economist with Bloxham Stockbrokers, Alan McQuaid, said that the modest growth in export volumes was boosted by strong services exports, though merchandise exports grew only marginally.
'With services export growth expected to maintain the strong upward trend of recent years, overall export growth is forecast to increase compared to last year, albeit not sufficiently to avoid a further modest loss of market share', he warned.
He expects a similar situation for 2008 with the overall increase in the volume of exports of 5-5.5% - again to be driven by services.
'Ireland's merchandise trade competitiveness position has deteriorated since 2000, mainly due to higher inflation and an appreciating euro', he said.
'It is hard to see this situation improving much in the short-term with the merchandise trade balance in 2007 forecast to amount to around €25bn'.
