Trade surplus hits 7-year high

A decline in the value of imports helped lift the seasonally adjusted trade surplus to a 7-year high of €3.7 billion in February.

External trade data from the Central Statistics Office (CSO) this morning shows the value of exports was €7.75 billion in February, while imports increased by 6 per cent to €4.06 billion, compared with January.

A detailed breakdown of the January data shows that the value of exports that month declined 3 per cent year-on-year with computer equipment falling 22 per cent and edible products down 34 per cent.

Exports of medical and pharmaceutical products rose 15 per cent in January.

Imports fell 28 per cent in the year to January with the number of road vehicles brought into the State plummeting 71 per cent. Iron and steel imports were 43 per cent lower, reflecting the slowdown in the construction sector.