Exports rose 8.6% in October to €7.6bn

The value of Irish merchandise exports rose by 8.6 per cent to €7.6 billion in October when compared with the previous month, according to figures published yesterday by the Central Statistics Office. Imports also rose, increasing by 1 per cent to just more than €5 billion.

In the first nine months of this year, double-digit increases were recorded in the export of organic chemicals, general industrial machinery, eggs and dairy products and beverages.

The value of exports of computer equipment declined by 7 per cent.

In September, exports fell by 5.4 per cent in the month to €6.98 billion, while imports were 1.3 per cent lower than August at just more than €5 billion.

The seasonally-adjusted trade surplus in October was €2.5 billion, as against €1.9 billion in September and €2.3 billion in August.

On an unadjusted basis, preliminary figures for October show exports of €7.7 billion, an increase of €96 million on the October 2006 total.

Imports of €5.5 billion were booked, virtually unchanged from the same month of 2006.

The unadjusted trade balance in October was €2.3 billion, up €95 million from the surplus of October 2006.

In the first 10 months of 2007, the unadjusted trade surplus was €23.7 billion, a rise of €1.6 billion on the same period of last year.

Detailed trade figures for the first nine months of this year show that exports to the UK were 7.9 per cent higher in value terms than in the January to September period of last year.

Exports to the United States were down 2.7 per cent in the year, reflecting the rise in the euro versus the dollar, according to Alan McQuaid of Bloxham Stockbrokers.

"The US and UK combined account for around 40 per cent of Irish merchandise exports, so the level of demand in these countries, as well as what happens on the exchange rate front, will be critical for our merchandise export performance over the next 12 months," Mr McQuaid said.

Separately, figures from the CSO show that Ireland's gross external debt stood at €1.5 trillion at the end of September.

This represented an increase of €28 billion on the figure at the end of June.