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Financial News: Ireland Trade Surplus Falls In April

Ireland Trade Surplus Falls In April

06/15/2022 - 10:02:00 (RTTNews)

(RTTNews) - Ireland's foreign trade surplus decreased in April, as exports fell and imports surged, figures from the Central Statistics Office showed on Wednesday.

The seasonally adjusted trade surplus shrank to EUR 6.4 billion in April from EUR 9.2 billion in March.

In the corresponding month last year, the trade surplus was EUR 4.0 billion.

Exports dropped 4.0 percent monthly in April, while imports grew sharply by 13.0 percent.

On an unadjusted basis, both exports and imports jumped by 44.0 percent and 36.0 percent, respectively, in April from a year ago.

"The increases in goods exports were driven mainly by growth in the exports of medical and pharmaceutical products and organic chemicals," Ciaran Counihan, statistician at the Central Statistics Office, said.

Exports to Great Britain logged a double-digit growth of 54.0 percent annually in April, while imports from the country grew at a much faster rate of 78.0 percent, boosted by the increased demand for mineral fuels, lubricants and related products.

The statistical office attributed the large growth in imports to base effect.

Another report from the statistical office revealed that residential property prices climbed 14.2 percent yearly in April, slower than the 15.1 percent spike in March.

In the capital region, Dublin, residential property prices were 11.5 percent higher in April compared to last year, while property prices outside Dublin grew 16.4 percent.

Compared to the previous month, residential property prices edged up 0.1 percent in April, after rising 0.5 percent in March.

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