Ireland’s Trade Surplus Falls For Second Month

17 May 2012 15:00 - Mark Maffia

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Ireland’s Trade Surplus Falls For Second Month

According the Central Statistics Office, Ireland’s trade surplus declined for the second consecutive month in March. The country’s surplus fell as imports jumped by 26% but exports saw a slower growth. While a surplus of over €3 billion was seen in March, preliminary figures show this is €600 million less than seen in February. Exports rose in March, up 5% (€361 million) to €7.6 billion but imports rose by a significant 26% (€961 million) offsetting growth in exports. This imports increase was thanks to an increase of €675 million in the imports of transport equipment including aircraft. In the first quarter of this year therefore, exports amounted to €23.7 billion and imports to € 13.3 billion, demonstrating a trade surplus of €10.3 billion.

Elsewhere in economic news employers association IBEC said that one in three Irish employers hope to increase pay in 2012, with 60% planning to hire new permanent or temporary staff in the next six months. The survey, which was conducted among 550 IBEC member companies pointed to average expected change to basic pay rates of +0.5%. However, 64% of employers who completed the survey indicated that they intend to freeze basic pay rates, and 4% said they would cut pay by about 7% this year. IBEC director Brendan McGinty said, “Pay expectations still need to reflect current difficult economic realities for most employers, many of whom are still not in a position to award general pay increases. Companies remain focused on regaining competitiveness and getting pay costs back in to line with our trading partners. This is vital if jobs are to be retained and new ones created,”

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Related Links:
• Central Statistics Office
Goods Exports and Imports: March 2012
• IBEC
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