THE Irish Exporters Association (IEA) has launched a new body aimed at providing independent analysis of trade sues. The new organisation, called the Institute of International Trade, will carry out research on all aspects of international trade.

According to Mr Colum MacDonnell, the IEA chief executive, Ireland is one of the world's largest exporters when measured by percentage of GNP exported and is also a major importer. "Despite this, there has been a lack of sufficient study and analysis of trade related issues that affect the management of our economy," he said.

He said there was also a constant need to upgrade the manner in which Ireland carried out its international trade. He told The Irish Times that the institute would be conducting a study of the impact of air transport on Ireland's export performance.

Mr MacDonnell said 20 per cent of all Irish goods were now exported by air.

The institute comprises representatives from business, government and universities.

Among those on the institute's council are Mr Kevin Bonner, Secretary of the Department of Enterprise and Employment Prof Dermot McAleese, Whately Professor of Political Economy at Trinity College Dublin Mr Matthew John Murphy, general manager, Guinness Ireland Group and Mr John Whelan, senior executive, Airmotive Ireland.

Mr MacDonnell said the new organisation would be a valuable source of trade related information for both the Government and business.

The new institute was welcomed by the Minister for Tourism and Trade, Mr Kenny, who said that for a country so dependent on international trade it was almost bizarre that it had not had a dedicated institution to date.

HE only bungalow on Ailesbury Road, Ballsbridge, Dublin 4, was sold yesterday at auction for £505,000 probably a record price for a bungalow in the city and the highest price ever fetched for one at auction.

Sherry FitzGerald had been quoting a pre auction guideline price of £350,000 for the four bedroom house which was built 15 years ago. There were five bidders, and the house was put "on the market" at £420,000.

The strong price underlines the current boom in the Dublin housing market.