Imports and exports were both lower in May but picked up a little in June, according to the latest data from the Central Statistics Office, writes Jane Suiter. In a sign of the economic slowdown imports were valued at £3.64 billion in May, while exports were valued at 5.47 billion, giving a surplus of £1.83 billion, still ahead of the £1.42 billion surplus at the same time in 2000.

However, according to the CSO initial indications for June show strong exports activity at £6.97 billion with imports of £3.5 billion giving a surplus of £3.47 billion.

The seasonally adjusted surplus for May is £2.09 billion rising to £2.6 billion in June. Over the first five months of the year the trade surplus grew by 39 per cent to over £10 billion (€12.7 billion). Trade with the US , Germany, France, Italy, Belgium and the Netherlands accounted for nearly £8 billion or 79 per cent of this surplus.

Exports to the US increased 39 per cent to £5.24 billion while exports to Germany increased 39 per cent to £3.62 billion.