Non-EU trade data show fall

Trade activity between the Republic and countries outside the EU in October remained below levels seen for most of the past two years. Central Statistics Office data released yesterday show companies in the Republic exported goods worth €2.7 billion during the month, down from €2.9 billion in October last year.

Imports have also fallen, declining to €1.4 billion from €1.5 billion over the year. When the first 10 months of 2002 are taken as a whole, imports are shown to be down 7 per cent on the same period last year, while exports have fallen in value by 3 per cent. Similar seasonally-adjusted declines were recorded last month.

"It's very much a pattern," said Dr Dan McLaughlin, chief economist with Bank of Ireland, noting persistent softness in non-EU trade for most of the last year. Dr McLaughlin highlighted a puzzling disparity between the latest trade figures and initial industrial production data for October, also released yesterday.

The unadjusted numbers show production among the State's industrial companies rose by almost 17 per cent between October 2001 and the same month this year.