THE VALUE of Irish exports fell by 8 per cent in the year to May, according to new figures from the Central Statistics Office (CSO).

The data indicates that seasonally adjusted exports fell by 12 per cent in May to €6.83 billion compared to the previous month. Imports increased 1 per cent to €3.98 billion.

The value of exports rose by 3 per cent from €28,754 million to €29,657 during the first four months of the year due to strong growth in exports of pharmaceutical and chemical goods.

Exports to the US from January to April rose 20 per cent and there were significant increases in exports to Belgium, Switzerland, Bermuda and Spain.

However, exports of goods to Northern Ireland declined by 23 per cent during the same period and were also down sharply in the Philippines, Malaysia, Germany and Britain.

Imports fell by 21 per cent from €20,572 million to €16,189 million in the first four months of 2009 primarily as a result of a 77 per cent fall in car imports.

Imports of goods from Britain were down by 30 per cent from January to April and there was also a sharp decline in imports from South Korea, Japan, Germany, Italy and China.

However, imports of goods from the US, Canada, India, Austria and Argentina all increased over the same four months period.