CSO data show non-EU export trade down 3%

The value of the Republic's non-EU export trade fell by 3 per cent in the first 11 months of last year, according to new data…

The value of the Republic's non-EU export trade fell by 3 per cent in the first 11 months of last year, according to new data from the Central Statistics Office (CSO).

The figures show that Irish companies exported goods worth €30.9 billion outside the EU in the year to November, down from €32 billion in the previous year, in line with the continued weakness of the international economy.

Over the same period, non-EU import trade also faltered, declining by 7 per cent to €17.5 billion.

Detailed figures show that the largest proportion of non-EU exports last year were devoted to the medical, pharmaceutical and organic chemical sectors, which accounted for 46 per cent of the total.

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Exports in this area saw annual growth of about 2 per cent in the months ending in November.

Within the sector, exports of organic chemicals declined by 9 per cent to €9 billion, but the fall was more than cancelled out by a 65 per cent surge in exports of medical and pharmaceutical goods.

This so-called "viagra effect" was worth €3.7 billion between January and November last year.

Less buoyant trade was recorded in electrical machinery, where exports outside the EU fell by 29 per cent to €2.9 billion over the year.

The machinery and transport equipment sector, which includes computer equipment, saw non-EU exports fall by 10 per cent to €2.9 billion.

This decline was reflected in the import numbers, which show that inward trade of computer equipment from non-EU states fell by 15 per cent to €4.1 billion between 2001 and 2002.

Imports of telecommunications and sound equipment fell by 41 per cent to €860 million.

The US remains the Republic's most significant non-EU trading partner, accepting about half of all exports and supplying about 43 per cent of imports.

US exports in the 11 months to the end of November were worth €15.4 billion, up 4 per cent on 2001.

Imports from the US declined slightly to €7.5 billion.

Seasonally adjusted monthly figures, a traditionally volatile indicator, show that the value of non-EU exports fell by 5 per cent to €2.6 billion between October and November, while non-EU imports rose by 0.8 per cent to €1.4 billion over the month.

Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.