Financial News: Irish Trade Surplus Shrinks Sharply In May

Irish Trade Surplus Shrinks Sharply In May

(RTTNews) - Ireland's foreign trade surplus decreased markedly in May from a year ago as exports plunged amid a growth in imports, figures from the Central Statistics Office showed on Wednesday.

On an unadjusted basis, the trade surplus declined to EUR 3.4 billion in May from EUR 12.1 billion in the corresponding month last year. The surplus also decreased from EUR 5.2 billion in April.

Exports logged an annual fall of 29.1 percent in May, while imports jumped by 17.5 percent.  

Outflows of medical and pharmaceutical products alone plunged 58.8 percent from last year, the agency said.            

Both exports and imports of goods to Great Britain increased compared to last year, with exports growing by 26.3 percent and imports by 37.2 percent. The products which accounted for the largest share of imports from Great Britain were mineral fuels, lubricants & related materials, and machinery & transport equipment.

On a seasonally adjusted basis, the trade surplus shrank to EUR 3.5 billion in May from EUR 4.8 billion in April as both exports and imports fell by 7.6 percent and 1.1 percent, respectively compared to a month ago.

Separate official data showed that Ireland's residential property price inflation was 6.2 percent in May, the same as in April, which was the weakest increase since February 2024. Property prices in Dublin rose 4.7 percent, and there was 7.3 percent growth outside Dublin compared to last year.

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