Exports continued to run at record rates to the end of last year, according to the latest data from the Central Statistics Office.
Preliminary figures for December 2000 value exports at £6.26 billion (P7.95 billion) and imports at £3.85 billion resulting in an unadjusted surplus of £2.41 billion. Over the full year, the trade surplus was £22.2 billion.
Exports and imports were up 24.5 per cent in 2000, an extraordinary number when compared with growth in world trade of up to 8 per cent, according to Dr Dan McLaughlin, chief economist at Bank of Ireland. "Ireland is still gaining market share, so the fear of lost competitiveness was misplaced as a lot of exports are in the high tech sector where unit labour costs are still falling. These numbers suggest there was no loss of competitiveness last year."
He said the figures meant the economy probably grew by 12 per cent last year, with about 9 per cent the result of domestic factors and the rest through external trade.
According to the detailed November figures released yesterday, imports were valued at £4.24 billion and exports at £6.31 billion, giving a £1.28 billion surplus. On a seasonally adjusted basis the surplus was £2.37 billion.
The export of organic chemicals continued to rise rapidly, with a 51 per cent rise in the first 11 months of the year to £12.39 billion. Exports of computer equipment rose 31 per cent to £13.47 billion, while exports of electrical machinery rose 46 per cent to £5.37 billion.
The same sectors also saw large increases in imports, with computer equipment rising 35 per cent to £8.1 billion and electrical machinery 31 per cent up at £4.83 billion.
