Irish Trade Surplus Shrinks Sharply In October

(RTTNews) - Ireland's foreign trade surplus decreased markedly in October as exports plunged amid an increase in imports, figures from the Central Statistics Office showed on Wednesday.

The seasonally adjusted trade surplus dropped to EUR 4.3 billion in October from EUR 16.3 billion in the previous month. In the corresponding month last year, the trade balance showed a surplus of EUR 10.1 billion.

Exports logged a sharp monthly decline of 42.3 percent in October, while imports rose by 2.6 percent.

On an unadjusted basis, exports slumped 21.6 percent annually in October, while imports were 4.7 percent higher compared to last year. As a result, the trade surplus shrank to EUR 4.4 billion from EUR 11.7 billion last year.

Exports of medical and pharmaceutical products, which represent 42.2 percent of total outflows in October, tumbled by 36.2 percent.

Separate official data showed that residential property price inflation in Ireland eased to a 19-month low of 7.3 percent in October from 7.5 percent in September. In the capital region, Dublin, residential property prices rose 5.4 percent compared to last year.