IRELAND’S TRADE surplus rebounded in November to reach a new high, according to new figures from the Central Statistics Office (CSO).

The surplus widened to €4.3 billion on the back of increased exports. The trade surplus had narrowed to €3.7 billion the previous month.

The data shows seasonally adjusted exports rose 5 per cent in November to €8 billion, while imports declined 6 per cent to €3.7 billion, resulting in a 16 per cent increase in the trade surplus to €4.3 billion, the highest on record. On an unadjusted basis, the value of exports in November rose by 9 per cent compared to a year earlier, while imports were up 2 per cent.

For the first 10 months of 2011, exports increased by 4 per cent to €76.9 million, while imports rose by 7 per cent to €40.1 million.

Minister for Jobs, Enterprise and Innovation Richard Bruton welcomed the latest figures.

“In recent months we have seen several signs of deterioration in the global economy, particularly connected with problems in the euro zone, and several commentators have suggested that our exports could suffer. In that context, today’s results, and the great resilience which our exports are showing in difficult circumstances, are encouraging,” he said.

Over the first 10 months of the year, organic chemicals and medical/pharmaceutical products recorded the sharpest increases in exports – at 11 and 8 per cent respectively. At the other end of the scale, computer equipment exports declined 11 per cent.

There was growth of 3 per cent in Irish exports to the US, which now accounts for 23 per cent of all exports. Goods to France rose by 14 per cent or €502 million in the 10 months under review, while exports to Britain were up 4 per cent to €450 million.

Belgium and Britain were Ireland’s second and third main export markets for the period January to October. Nearly a third of Ireland’s imports came from Britain, with the figure rising 15 per cent or €1.69 million. German imports increased by 14 per cent or €367 million.

Bloxham forecasts the overall trade surplus in 2011 will be about €45 billion, a new record high. Chief economist Alan McQuaid said the latest figures were “very impressive” given the global slowdown.

He said it put Ireland in a better position than other peripheral states in the EU to “move forward once world growth picks up”.

Davy’s chief economist Conall Mac Coille said the specialised nature of Irish exports into niche sectors and improvements in competitiveness may have softened the blow of the euro area slowdown.