Exports fell sharply in November, while imports rose by 2 per cent due on the back of a 57 per cent increase in the number of vehicles coming into the country.

Preliminary figures from the Central Statistics Office (CSO) indicate that seasonally adjusted exports decreased by €520 million or 7 per cent to €7.02 billion from October. Coupled with a 2 per cent increase in imports of €79 million, the trade surplus fell by €599 million or 21 per cent to €2.3 billion in November.

On an annual basis, the value of exports fell by 4 per cent or €273 million to €7.46 billion, led by a 39 per cent drop in exports of organic chemicals. Exports of medical and pharmaceutical products rose by €536 million or 33 per cent from November 2013 to the same month last year.

The European Union accounted for 57 per cent of total exports in November 2014 with the US accounting for 22 per cent of exports.

The value of imports rose by €101 million or 2 per cent to €4.54 billion from November 2013 to the same month in 2014, according to the CSO. The main driver was a 52 per cent increase in the imports of vehicles.

The EU accounted for 63 per cent of the value of imports in November, with 30 per cent of imports coming from Britain. The USA and China were the main non-EU sources of imports.

Alan McQuaid, chief economist at Merrion said while exports of goods and services are unlikely to be as strong as 2014, a 7 per cent rise in volumes is expected.

“It will be difficult to increase and actually maintain market share in an ever-more competitive environment even with the benefit of a weaker euro, though Irish exporters should continue to perform well on a relative basis,” he said.