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Ireland's exports, imports drop in September

Xinhua, November 14, 2015 Adjust font size:

Irish exports were down 4.0 percent in September compared to August, while imports recorded a decrease of 3.0 percent, according to official figures on Friday.

The figures from the Central Statistics Office (CSO) showed that Irish exports fell to 8.259 billion euros (8.84 billion U.S. dollars) in September compared to August, while imports eased to 4.921 billion euros.

This resulted in a trade surplus of 3.338 billion euros in September, down 7.0 percent from the August figure, according to the CSO.

The European Union (EU) accounted for 58 percent of Ireland's total exports in September. The United States was the main non-EU destination, accounting for 22 percent of total exports in the month.

Alan McQuaid, chief economist with the Dublin-headquartered Merrion Stockbrokers, said the September surplus was the second lowest so far in 2015 after March, reflecting a general weakening in global trade.

"Last year saw very strong growth in Irish exports, but it will be difficult to increase and actually maintain market share in an ever-more competitive environment, even with the benefit of a weaker euro," he said.

"Ireland's trade balance has fallen for the past four years, but this year it should increase for the first time since 2010. The overall surplus in 2015 is, in our view, now likely to be in and around 41 billion euros," he added. (1 euro = 1.07 U.S. dollars) Endit