Exports set another record last year, totalling £44.78 billion (€56.86 billion), a 27 per cent increase on the previous year. The surplus, or balance of exports over imports, at £13.7 billion was up from £9.45 billion in 1996.

This "first class" performance, according to the Minister of State for Enterprise, Trade and Employment, Mr Tom Kitt, has broken all previous records. He added that in global terms the Republic is now in the top 20 exporting nations, according to the World Trade Organisation.

"The Government is committed to working with Irish exporters to build on this excellent performance so as to increase wealth and prosperity for all of the people."

The Republic's main export market is still Britain which was worth some £8.8 billion last year, closely followed by Germany at £6.6 billion. The US is the third-largest market at £6.1 billion, an increase of some 54 per cent.

Overall exports to the EU accounted for 67.6 per cent of all merchandise exports last year.

On the other hand, the Asian crisis had a serious impact on exports to South Korea, Malaysia, Indonesia and Thailand. Exports to Korea were down 43 per cent at £255 million, Malaysia by 18.5 per cent to £255 million and Thailand and Indonesia by 18 per cent and 61 per cent to £65 million and £10 million respectively.

Computers and chemicals remained the areas showing the strongest growth. Exports of computers reached £10 billion, a 24 per cent increase, while exports of chemicals reached £7.7 billion, a huge 92 per cent rise.

In Europe, the electronics and pharmaceuticals showed substantial sales growth in Germany and France.

Imports also rose strongly to some £31 billion in 1998 from £25.8 billion the year before. Imports of computer equipment rose from £4.8 billion to £6.2 billion, while imports of electrical machinery rose 35 per cent to £3.4 billion. Road vehicle imports rose 43 per cent to £2.18. There was also a drop of 18 per cent in the imports of petroleum.

Imports from the US increased from £3.9 billion to £5.01 billion, while imports from Britain rose 17 per cent, from £8.2 billion to £9.6 billion.

Data were not available for January 1999 because of a new processing system being installed by the Revenue Commissioners.