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Irish Exports increased ahead of Brexit vote

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Exports of Irish goods rose sharply in the weeks before the Brexit vote, but analysts say that that favourable conditions may be reversed in the coming months after the euro lost much of its competitiveness against sterling.

The figures show the growth in exports in June were driven by medical and pharmaceutical goods and electrical machinery, to reach €9.55bn in June. That’s an increase from €9.14bn in May and is 2.2% higher from the €9.34bn level in exports posted in June 2015.

Meanwhile, imports fell both in the month and from the year earlier period, though import of cars and other road vehicles surged 36% to €374m in June compared with the previous year.

That brings to €2.24bn the value of road vehicle imports in the first six months of the year, up 27% from the €1.76bn of vehicles imports in the same period a year earlier. Exports of medical and pharmaceutical goods surged 12% to €2.82bn from June 2015, while electrical machinery and appliances exports doubled to €509m.

The quarterly figures were less impressive. Exports totalled over €27bn in the previous three months but were down from €28.46bn in the same quarter a year ago.

There is uncertainty surrounding how exports will fare in “a post-Brexit world”.