Trade surplus shrinks in February as imports rise twice as quickly as exports
The trade surplus shrank slightly in February as imports rose twice as quickly as exports.
The surplus fell marginally to €3.82bn from a revised surplus of €3,84 posted in the opening month of the year.
Seasonally-adjusted exports rose 2.9pc in February while imports jumped 6.1pc. The revised overall trade surplus for 2014 was €35.7bn or €1.26bn lower than the surplus of €37bn recorded in 2013.
February’s exports were driven by a 37pc increase in exports of medical and pharmaceutical products and a 20.3pc hike in what the Central Statistics Office describes as “miscellaneous manufactured articles”.
Economists said today that exports are likely to do well again this year as the European Central Bank continues to print money and devalue the euro.
“The weak euro will be clearly beneficial for a huge exporting country like Ireland, as will the close trading ties with both the US and UK, two of the better performers on the global economic stage in 2014,” said Merrion’s Alan McQuiad.