Exports rose by 17 per cent or €1.5 billion to €10.3 billion from September to October driven by the pharmaceutical sector, new figures from the Central Statistics Office (CSO) show.

Imports rose by 10 per cent or €544 million to €5.88 billion during the same period, leading to a trade surplus that was 29 per cent or €990 million to €4.42 billion.

The value of exports rose by 29 per cent or 2.3 billion to €10.2 billion in October, versus the same month a year earlier.

Exports of organic chemicals rose by 108 per cent to €2.85 billion on an annual basis while medical and pharma products were up 29 per cent to €2.56 billion.

The latest figures indicate exports of electrical machinery, apparatus, appliances and parts rose 36 per cent to €282 million.

According to CSO, the value of imports was up 9 per cent to €483 million to €5.95 billion on an annual basis.

Imports of motor vehicles were up 47 per cent while medical and pharma products increased by 32 per cent. Imports of other transport, including aircraft rose by 15 per cent.

The European Union accounted for 49 per cent or €5.03 billion worth of exports while the US was the main non-EU destination at €2.63 billion.

In terms of imports, 64 per cent of goods came from the EU with the US and China the main non-EU source for imports at 12 per cent and 7 per cent respectively.

Alan McQuaid, chief economist at Merrion said that while Ireland’s trade balance has fallen for the past four years, 2015 will be different.

“Based on the latest trade figures from the CSO the surplus for last year as a whole was €31,778m. The overall surplus in 2015 is in our view now likely to be in and around the €43 billion to €44 billion level, and with every chance of another very positive year on the external trade front in 2016,” he said.

Davy said while the monthly trade data have been volatile, wider exports captured in the national accounts have continued to grow strongly throughout the year and surveys point to further strong demand in the fourth quarter.