The Tánaiste and Minister for Foreign Affairs and Trade, Eamon Gilmore, T.D., has welcomed the latest CSO trade figures for February, which show that merchandise exports increased by 3 percent, or €168 million, when compared to February 2013.
The Tánaiste pointed to a strong start for 2014, with seasonally-adjusted merchandise exports for the year to date – January and February 2014 – showing an increase of 4.6 percent over the same period in 2013. This represented a rise in sales from €13.8 billion to €14.4 billion.
The Tánaiste noted that the main drivers of the strong export performance in February were increases of 15 percent in the exports of food and live animals, 14 percent in essential oils and 4 percent in organic chemicals.
Commenting on the figures, the Tánaiste said:
“Following on from the ESRI’s forecast of 3.5 percent growth in GNP this year, today’s trade figures are a further signal that the Irish economy is well on the road to recovery. The focus and priority that this Government has given to getting the economy working, increasing trade and creating jobs is working. We have kept an intense, coordinated focus on this through Action Plan for Jobs, Pathways to Work and the Export Trade Council.
“Strong export growth is helping to drive our recovery and create good jobs at home. On average, 5,000 jobs are being created each month, with unemployment falling for 21 consecutive months. As Chair of the Export Trade Council, I will continue to ensure that our embassy network, Government departments and State agencies are coordinating closely to support our exporting companies to continue to win new business and create jobs in the year ahead.”
Comparing the unadjusted figures for February 2014 with February 2013, the value of exports increased by €168 million to €6.78 billion. The seasonally-adjusted figures show an increase of 3.7% to €7.232 billion.
Coupled with a decrease in seasonally-adjusted imports of €69 million (-2%) to €4.02 billion, the seasonally-adjusted trade surplus increased by €127 million (+4%) to €3.21 billion.
Notes to the editor
• Comparing the unadjusted figures for February 2014 with February 2013, the value of exports increased by €168 million (+3%) to €6.787 billion. The seasonally adjusted figures show an increase of 3.7% to €7.232 billion.
• Comparing February 2014 with February 2013, the value of imports rose by €109 million (+3%) to €4.022 billion. Imports of Machinery specialised for particular industries increased by €105 million (+131%).