Ireland’s trade surplus fell by 9 per cent to €4.7 billion in February, after a record-high €5.74 billion a month earlier as imports jumped 16 per cent.
Preliminary data from the Central Statistics Office (CSO) indicates exports rose 3 per cent during February, as imports rose by €800 million to €5.8 billion.
The surge in imports reduced the trade surplus by E452 Million compared to January. The latest figures show the value of exports rose 15 per cent compared with February 2016. The value of exports for the first two months of 2017 was up €1.98 billion versus the same period a year earlier.
Exports of medical and pharmaceutical products continued to be the most important exports, rising by 827 million. Exports of electrical machinery, apparatus and appliances was up 28 per cent.
Exports to Britain rose 19 per cent over the year to February due primarily to exports of chemical and related products, which increased 58 per cent to €433 million.
The Brexit-related devaluation of sterling reduced the value of Irish goods exports to Britain last year, figures published last month showed. Exports to Britain fell by €496 million.
The EU received 50 per cent of all exports from Ireland in February; the US was the main non-EU destination, accounting for €2.94 billion or 30 per cent of all exports during the month.