Britain remains our largest export market according to revised figures from the Central Statistics Office (CSO). Amended returns from some large organic chemical producers meant the CSO had to significantly cut its estimates of exports to the US, while increasing those to the EU. As a result the US, which was originally shown to have climbed to the top of the export table, is now significantly behind Britain as our largest single export market.
The news will be welcomed by those who fear a downturn in the US will have a significant impact on the Irish economy. However, if the current rate of export growth to the US continues it may retake pole position.
The Minister of State at the Department of Enterprise, Trade and Employment, Mr Tom Kitt welcomed the figures. "Trade continues to be one of the powerhouses of the Irish economy. These statistics demonstrate Ireland is continuing to make improvements in its trading position. Irish exports are highly competitive in the global market and provide me with the assurance that they will continue to add substantially to the Irish economy."
The CSO has reduced estimates of exports to the US by £1.5 billion (€1.9 billion) after inconsistencies in the returns of some large firms were taken into account. However, the overall impact on the trade figures is lower as exports to the EU have been revised upwards by £960 million, resulting in a 1.1 per cent or £540 million adjustment downwards.
Exports to Britain totalled £10.44 billion from January to October 2000. When Northern Ireland is included, total exports to the UK were £11.57 billion. By contrast exports to the US came to £9.08 billion. Exports to the euro zone came to £19.83 billion with Germany accounting for the largest share.
The new preliminary figures for November 2000 show exports valued at £6.4 billion and imports at £4.15 billion, giving a surplus of £2.25 billion.
A detailed breakdown is not yet available for November but in the 10 months to October exports rose 24 per cent against the year-earlier period.
