Sunday, October 23, 2011

23/10/2011: Ireland-Russia Trade for July 2011

Another data update - for bilateral Russia-Ireland trade flows. It's been some time since I looked at these series (CSO reports the data monthly with 1 month delay on overall trade flows data).

July 2011 exports to Russia rose from €37.3mln in June to €48.8mln. Year on year, exports to Russia are up 53.5%. Imports from Russia in July 2011 stood at €4.4mln, up on €2.5mln in June and down from €6.4mln in July 2010. Imports are now down 31.3% year on year.

Trade balance with Russia rose to €44.4mln in July 2011, up 74.8% yoy.

Annual forecasts for Ireland-Russia trade are looking solid.

For seven months through July 2011, Irish trade balance with Russia was €241.6mln, up on €122mln for the same period in 2010. In contrast, Irish trade balance with Brazil was €54.2mln in 7 months through July 2011, down from €66.5mln in same period 2010. Irish trade balance with China was -€91.5mln in January-July 2011, a major deterioration on €75.3 trade surplus in the first seven months of 2010. Irish trade balance with India posted a deficit of -€89.9mln for the first seven months of 2011, compared to -€80.5mln in the same period of 2010.

Over first seven months of 2011, Ireland's trade surplus with Russia was larger than our trade surplus with Canada (€158.7mln), Malaysia (€140.3mln), Mexico (€178.3mln), Singapore (€145mln - note that Singapore acts as a major entry point for global trade to the broader South-East Asia), South Africa (€99.3mln) and Turkey (€138.8mln). 

Of all BRIC countries, Russia was the only country that delivered improved trade surplus for Ireland.

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