Leo Varadkar (Dublin West, Fine Gael)
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Question 110: To ask the Minister for Enterprise, Trade and Employment his assessment on the way the strength of the euro is affecting Irish exports; and if he will make a statement on the matter. [16950/08]

Micheál Martin (Cork South Central, Fianna Fail)
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A total of 41% of Ireland's merchandise exports were to other Eurozone countries in 2007. The most significant non-Eurozone destinations are the United States and the UK. There has been a significant rise in the value of the Euro against many currencies over recent times and this has been particularly evident in relation to its exchange rate with the United States Dollar and the Pound Sterling.

The United States and Great Britain are very significant markets for Ireland's merchandise exports, accounting for about 18% and 17% of the total in 2007, respectively. Our merchandise exports to the United Stated States have risen from €15.5bn in 2005 to €15.8bn last year. Our Merchandise exports to Britain have risen from €13.8bn in 2005 to €14.8bn last year.

In relation to Services Exports, while country-specific data for 2007 are not yet available, statistics show that our services exports to the United States have risen from €5.0bn in 2004 to €8.3bn in 2006. Our Services Exports to Britain fell somewhat, from €10.7bn to €9.6bn in the same period. Our overall exports, including both Merchandise and Services, to all countries, increased by 5% between 2005 and 2006 and by 8% between 2006 and 2007.

The annual Trade Surplus for all exports (Merchandise and Services) in 2007 was €22.4bn, an increase of 21% on the previous year. It is also notable that in the most recent data published by the Central Statistics Office just last week, the monthly merchandise trade surplus for February, 2008 at €2.5bn, is over €0.4bn higher than the surplus in January and almost double the surplus for December last.

It is obvious from these data that despite the significant change in the value of the Euro against these two currencies, Irish exporters have achieved a very impressive export performance. While we cannot be complacent regarding future challenges and although there is obvious uncertainty as to how exchange rates will fluctuate in the future, I am optimistic that our strong export performance of recent years will be maintained.