Ireland’s trade surplus increased notably in March, as exports surged amid falling imports, figures from the Central Statistics Office showed on Monday.
The seasonally adjusted trade surplus rose to EUR 8.73 billion in March from EUR 6.49 billion in February. This was the biggest trade surplus since March 2020, when it was EUR 10.43 billion.
Exports climbed 12.0 percent monthly in March, while imports dropped 2.0 percent.
On an unadjusted basis, both exports and imports grew by 37.0 percent and 20.0 percent, respectively in March from a year ago. Both export and import values were at record highs.
Exports of goods exceeded EUR 20 billion in a month for the first time and imports surpassed EUR 11 billion in March, also for the first time on record, the statistical office said.
“The increases in goods exports were driven mainly by growth in the outflows of medical and pharmaceutical products and organic chemicals,” Ciaran Counihan, statistician at the Central Statistics Office, said.
Exports to Britain logged an increase of 13.0 percent annually in March, while imports from the country grew markedly by 39.0 percent, boosted by increases in the imports of mineral fuels and chemicals and related products.
The statistical office attributed the large growth in imports to base effect.