Friday 28 July 2017

Exports fall in May, data prone to currency movements

Exports to the UK declined by €162m in the three months to the end of April compared to a year earlier. Photo: Bloomberg
Exports to the UK declined by €162m in the three months to the end of April compared to a year earlier. Photo: Bloomberg
Colm Kelpie

Colm Kelpie

Goods exports fell 1pc in May compared with April, and by 3pc compared with the same month last year, official figures show.

Preliminary figures released by the Central Statistics Office (CSO) show that seasonally adjusted goods exports decreased by €99m to €9.17bn compared with April.

Goods imports for the same month jumped 7pc to €5.2bn leading to a drop of €441m, of 10pc, in the seasonally adjusted trade surplus to €3.96bn in May.

David McNamara, economist with Davy Stockbrokers, said data are prone to currency movements, and port traffic suggests that volumes have held up well this year.

“This week’s national accounts showed a surge in goods exports last year, probably related to corporate inversions in the pharma sector, which unwound somewhat in the first three months of the year and dragged on GDP growth,” he said. 

“Services export growth has proved much more stable, rising at low-double-digit rates over the past couple of years. Looking ahead, the recent volatility in the GDP numbers could persist but masks strong underlying growth in the domestic economy.”

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