Exports jump by 6% last year

Exports rose by 6 per cent last year from €84.2 billion in 2009 to €89

Exports rose by 6 per cent last year from €84.2 billion in 2009 to €89.3 billion in 2010, according to new figures from the Central Statistics Office.

Total external trade figures - which include both merchandising and service exports - were up 8 per cent to €162.7 billion.

Imports were virtually unchanged at €45.5 billion giving a trade surplus of €43.9 billion, up by €4.7billion year-on-year.

The figures show that exports to the US rose by 14 per cent from €18.2billion to €20.7 billion during the 12-months under review while exports to Germany were up 21 per cent from €5.97 billion to €7.2 billion.

In 2010, 60 per cent of the export market was to the US, while Belgium and Britain accounted for 14 per cent each and Germany 8 per cent.

Exports of goods to Belgium fell by 9 per cent in 2010 to €12.8 billion from €14.1 billion.

A breakdown of the figures show that exports of petroleum and related materials increase by 78 per cent last year. Exports of medical and pharmaceutical products rose by 15 per cent with organic chemical exports increase by 8 per cent.

During the 12-month period exports of transport equipment declined by 66 per cent and computer equipment exports were down by 30 per cent.

In terms of imports, the value of petroleum and related fuels imported rose by 29 per cent during 2010 while road vehicle imports were up by 73 per cent. However, there was a 33 per cent decline in the other transport category

Imports of goods from the US decreased by 18 per cent last year, the figures show.

Preliminary estimates for January 2011 show exports of just under €7billion, down 1 per cent on the same month a year earlier. Imports were up by 25 per cent to €4.2 billion.

Minister for Enterprise Richard Bruton welcomed the latest results which he said were impressive given the current operating environment in which many firms are operating.

"These services exports reflect the growth of our knowledge based sectors, with computer services accounting for over one third of such exports and growing very strongly. In addition insurance and financial services are very significant elements in the services sector. These sectors must continue to be our focus," he said.

The volume of goods exports fell by 13.1 per cent in December and by 4.9 per cent on a seasonally adjusted basis Davy analyst Conall Mac Coille said the sharp decline in exports was likely due to the poor weather conditions that month.

Chambers Ireland said the increase in exports was a further reminder of the international opportunities available to Irish companies.

Separate CSO figures show that planning permissions were granted for 2,949 homes in the fourth quarter of 2010, down by 40.6 per cent compared to the same three months a year earlier.

There was a 37.5 per cent decline in the number of house approvals, while apartments was down by 47.6 per cent.

One-off houses accounted for 43.6 per cent of all new homes granted permission in the fourth quarter.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist