Business Irish

Monday 19 August 2019

Exports take a hit from slowing EU growth in June

Stock image
Stock image

David Chance

Exports fell by 14pc in June from a year earlier as the growing economic woes in the eurozone took their toll on the economy here and uncertainty over Brexit hit sales to the UK.

Exports to the European Union plunged by €552mn or 9pc in the month from a year earlier, a period that saw the German economy contract along with that of the United Kingdom, where exports from here fell by 6pc to €1.29mn.

Seasonally adjusted goods exports decreased by €1.92 ban €11.53bn in June from May and there was a big hit from aircraft to the transport sector, which saw a drop of 82pc in exports from a year earlier.

Exports to the United States rose strongly in June, bucking the lower trend, to €3.49bn from €3.3bn.

On a six month basis, the export-led economy here was still performing ahead of expectations and the value of goods exports for the period January to June 2019 was €76,547 million, an increase of €7,123 million or 10pc from a year earlier.

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