Exports from Ireland decreased by 6% in March 2011, according to the latest seasonally adjusted external trade figures from the Central Statistics Office.
However, the country's trade surplus actually increased by 3% in March to €3,925m due to a 14% decrease in imports, the figures show.
On an unadjusted basis, the value of exports in March 2011 climbed 8% compared with March 2010 to €8,455m. This is the highest exports figure since May 2002 when the value of exports was €9,122m. The value of imports on an unadjusted basis was down 3% to €4,095m.
In the first two months of 2011 exports increased by 6% to €14,542m compared to the same two months in 2010. Exports of organic chemicals increased by 12%, while medical and pharmaceutical products increased by 10%. Exports of electrical machinery did not fare so well and decreased by 16%.
Ireland's exports to the US increased by 20% or €598m and to Great Britain by 18% or €314m. Exports to Belgium decreased by 12% or €295m and to Switzerland by 36% or €228m. The US, Great Britain and Belgium were the main export markets, accounting for over half (53%) of the total value of exports in the first two months of 2011.
In that same period, Ireland's imports increased by 21% to €8,446m. The 'other transport equipment (including aircraft)' category increased by 120% or €544m, while imports of petroleum rose 26% or €174m. There was an 8% (€27m) decrease in imports of electrical machinery.
Imports from the US rose by 50% or €545m and from Great Britain by 18% or €370m. Imports from Great Britain, the USA and Germany accounted for 56% of the total value of imports in the first two months of 2011.
Shipping volumes grow in first quarter
Meanwhile, the Irish Maritime Development Office says the volume of shipping and port traffic mostly grew during the first quarter of this year.
The figures for the first three months of 2011 show moderate trade growth in four of the five main freight segments.
The IMDO says that total lift-on/lift-off trade volumes were up 3% - the first increase in three years. This sector is mainly linked to long haul overseas markets such as the US, China and India.
The roll-on/roll-off export traffic increased by 2%. This segment is largely concerned with services to and from the UK, which remains the country's largest trading partner.
Dry bulk volumes - mostly ore, coal, grain and fertilizers - through Irish ports increased by 21%, while volumes of breakbulk products - timber and steel - increased by 25%.
But the tanker/liquid market was the only sector to record a decline, down 12% compared to the same time last year. These products include tanker based petroleum products, such as oil.
'The first quarter traffic volumes have performed better than expected by many analysts and shipbrokers, however most shipping lines remain cautious about the outlook for continued short term volume growth over the remainder of the year,' commented IMDO director Glenn Murphy.
