Minister Michael Ahern welcomes latest trade figures

Minister for Trade and Commerce, Mr. Michael Ahern, T.D., today (Tuesday 24^th Oct 2006) welcomed the latest trade statistics released today by the CSO. The figures show that exports increased by 6% in August 2006 relative to July 2006, continuing the upward trend of recent months. When compared with July 2005, the figures show that exports in July 2006 increased by 8%.

Imports increased by 6% in August 2006 relative to July 2006, and by 7% when compared with July 2005. However, the Minister said that this was to be expected, given the still significant level of oil prices, which are continuing to impact on import values. The Minister noted that, latterly, the price of oil on the international market appeared to have stabilised and was now falling back. “I would expect the fall in oil prices to begin to impact positively in reducing our imports in the coming months,” the Minister said.

Minister Ahern expressed his satisfaction with the overall trend of the figures for the first seven months of 2006. While exports decreased on two occasions during this period (April and June) overall, exports are up 3% for the seven-month period January-July 2006 relative to January-July 2005. “I am pleased with the trend in our export position as illustrated by these latest seven month trade figures. All in all, exports are continuing to increase incrementally when you look at the long term situation,” Minister Ahern said. “Irish exporters are continuing to perform well in a difficult trading environment caused by the global economic slowdown and rising oil prices,“ the Minister added.

Elsewhere, the Minister noted that exports for the period January-July, 2006 relative to the same period in 2005, increased by 7% to the United States, by 5% to Germany and by 9% to Belgium. “These are important markets for us and it is heartening to see that the export trend in this area is positive,” the Minister said. The EU continues to increase in importance as an export market, consistently accounting for 62% of all Irish exports. Minister Ahern said he was particularly pleased that, in all almost all cases, exports to the new Member States were increasing, with Poland showing the largest increase at +33%, or up by €50 million in value terms. “This is a very welcome development,” Minister Ahern continued. “There are huge opportunities for Irish exporters in these newly developing markets and while, in some cases, we are starting from a very low base I would expect that over time Irish exporters will establish a substantial presence in the region,” the Minister concluded.

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