July's trade surplus was the second highest on record, according to the Central Statistics Office. The surplus of exports over imports was £1.294 million. Monthly exports were valued at £3.85 billion and imports at £2.56 billion.

The figures continue to indicate strong economic growth, with the trade surplus for the first seven months of the year coming to £7.71 billion, compared with £4.98 billion in the same month a year earlier.

The agency also noted there has been a sharp upward trend in exports since October 1997.