The Republic’s trade surplus rose by 32 per cent in November, new data from the Central Statistics Office show.

Exports were up 7.4 per cent in November, while imports fell 11.4 per cent. The seasonally adjusted trade surplus was €4.3 billion, up from €3.6 billion in October 2012.

Ireland recorded an overall trade surplus of €41 billion for the first 11 months of last year.

Exports totalled €8.3 billion in November 2012, an increase from the €7.4 billion recorded in October. The increase means volumes have recovered to July 2012 levels following a sharp decline in September last year. However, exports were down 3.5 per cent for the year ending November 2012 when compared with the same period in 2011.

Meanwhile, total imports for November were €3.9 billion compared with €4.3 billion in October 2012.

Previously released industrial production data had pointed to a modest decline in “chemicals and related products” in November. This has been attributed to the expiration of pharmaceutical patents. In the event, exports in this segment increased almost 20 per cent to €5.2 billion from October to November.

As a result, some economists believe there may be a lag between industrial production data and exports, meaning further declines may be realised in subsequent months.