Seasonally adjusted imports have increased by 32% from €3,712m in March 2011 to €4,914m in April 2011. This is one of the largest increases in imports in recent months, as can be observed in Figure 1. However, during the same time exports have decreased by 2%, from €7,718m to €7,530m. This decline follows a similar decline for the period February to March. As the Irish economy recovery has been mainly driven by export growth, these declining export figures are a worrying sign for the national economy.
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Justin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland.