Ireland's trade surplus spikes by 22%

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New figures from the Central Statistics Office (CSO) show that Ireland's trade surplus grew by 22% - up by €826m to €4.5bn between May and June.

Exports rose by €413m (5%) to €9.5bn while imports experienced a €412m (8%) drop to just over €5bn.

Total imports during the first half of 2016 grew by 1% to €55.4bn.

 

The June figures were bolstered by a 12% increase in medical and pharmaceutical exports - while the value of electrical machinery exported experienced an increase of over 100% growing to €509m.

Petroleum exports were 59% lower during the six months at €60m.

More than half of Ireland's exports went to the EU - Belgium was the number one importer of Irish goods, buying €1.26bn - with the UK purchasing the second highest amount at €1.09bn.

Ireland exported goods worth €2.72bn to the US while China was the second biggest import market.

Meanwhile, 62% of goods imported into Ireland came from the EU.
 

Joseph Conroy, Newstalk.com 

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