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Irish trade surplus narrowed by 8% in October - CSO

Exports from the country fell in October, while imports rose
Exports from the country fell in October, while imports rose

The trade surplus narrowed significantly in October, according to preliminary figures from the Central Statistics Office, as exports fell and imports increased.

Irish firms exported more than €7.5bn worth of goods during the month - which was down 2% (€192m) on the figure for September.

At the same time, imports to Ireland rose to almost €4.56bn - up more than 1% (€50m) on the previous month.

This led to an 8% (€242m) narrowing in the country’s trade surplus, with ended October at €2.9bn.

On an annual basis the value of exports was up, however, growing by 4% (€263m) from October 2013.

Imports to the country were also higher over the year, however, up 5% (€228m).

This left Ireland’s trade surplus slightly higher in October than it was at the same time last year.

According to the CSO, the year-on-year rise in exports was driven mainly by a €110m (23%) increase in essential oil exports.

Organic chemicals and medical and pharmaceutical exports were up by 2%.

The European Union was the main destination for Irish exports during October, accounting for 59% of outgoing trade, while the United States had a 20% share.

On the import side, the year-on-year rise was driven by machinery and transport equipment, up 18% (€187m) since October 2013.

The majority of imports to Ireland - 59% - came from the EU, with Britain being the biggest component of that share.

The US provided for 12% of the country’s import demand, while China made up a further 8%.