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23/07/2008
Irish Exports Fail To Match 2007 Levels
The growth of Irish exports has fallen by 3% on 2007 according to figures released by the Central Statistics Office.
Although the value of exports grew by 7% to €7.45 billion May 2008, the numbers still remain below last years figures.
Fianna Fáil's Financial Spokesman Richard Bruton criticised the government’s handling of the economic downturn for the loss in revenue from exports. According to the minister, the Government’s recent cutbacks will not bring economic recovery, saying the slump shows that economic recovery is still a long way off.
The TD also called for a new economic strategy to take Ireland out of recession.
"Having blown the boom and killed the Celtic Tiger, Fianna Fáil is now clueless about finding a way out and ending the recession.
"The latest export figures from the CSO dampen any hopes that a revival in exports will kick-start economic recovery," he said.
However, analysis by Senior Economist Rossa White with major Stockholders Davy suggested the fall may have had more to do with the weakness of the dollar hampering international sales.
"Due to dollar weakness, export prices were down about 4 to 5% year-on-year in April-May. As a result, merchandise exports increased at least 3% year-on-year in those couple of months," he told Reuters.
Mr White went on to describe the present export situation as "encouraging", and noted that Chinese exports had risen by 38% between January and May.
(DW)
Although the value of exports grew by 7% to €7.45 billion May 2008, the numbers still remain below last years figures.
Fianna Fáil's Financial Spokesman Richard Bruton criticised the government’s handling of the economic downturn for the loss in revenue from exports. According to the minister, the Government’s recent cutbacks will not bring economic recovery, saying the slump shows that economic recovery is still a long way off.
The TD also called for a new economic strategy to take Ireland out of recession.
"Having blown the boom and killed the Celtic Tiger, Fianna Fáil is now clueless about finding a way out and ending the recession.
"The latest export figures from the CSO dampen any hopes that a revival in exports will kick-start economic recovery," he said.
However, analysis by Senior Economist Rossa White with major Stockholders Davy suggested the fall may have had more to do with the weakness of the dollar hampering international sales.
"Due to dollar weakness, export prices were down about 4 to 5% year-on-year in April-May. As a result, merchandise exports increased at least 3% year-on-year in those couple of months," he told Reuters.
Mr White went on to describe the present export situation as "encouraging", and noted that Chinese exports had risen by 38% between January and May.
(DW)
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