Exports of medical and pharmaceutical products declined 26 per cent or €579 million in May, according to new figures from the Central Statistics Office.

Preliminary figures for May indicate a 4 per cent (€314 million) decrease in seasonally adjusted exports and a 2 per cent (€69 million) decrease in seasonally adjusted imports resulting in a 7 per cent decrease in the trade surplus.

The main drivers behind the decrease were the 26 per cent decline in exports of medical and pharmaceutical products, and a 72 per cent (€132 million) drop in exports of petroleum products and related materials.

Exports of organic chemicals meanwhile increased by 11 per cent or €157 million.

Comparing May 2013 with May 2012, the value of exports decreased by 6 per cent or €448 million to €7.1 billion.

The EU accounted for €4.04 billion (56 per cent) of total exports in May, while the US was the main non-EU destination accounting for 19 per cent or €1.3 billion of total exports .

The largest decrease in imports was the import of other transport equipment (including aircraft) which declined by €274 million or 93 per cent.