Exports recovered in May from a poor performance earlier in the year, offering a rare ray of hope on the currently bleak prospects for the economy. They rose in value by a seasonally adjusted 7pc from the previous month, according to figures issued by the Central Statistics Office. The increase put them slightly ahead of the value of exports in the same month last year, also a better performance than in the earlier months of the current year. In the first four months of this year, Irish exports had lagged by 4pc from their performance in the same period of 2007. The latest figures reflect a 49pc rise in exports of chemicals, though this was balanced by a 23pc drop in exports of computer equipment. Imports also rose in May from the previous month on a seasonally adjusted basis, but only 3pc. However, they were down by 8pc on their level of May 2007. Combining the export and import data shows that the country's trade surplus rose in May by 14pc on a seasonally adjusted basis to 2.6bn euro, the highest figure for 13 months. Looking at the figures in more detail, the CSO said the January-April finalised statistics show that exports in value terms decreased by 4pc to E28.927 billion from E30.179 billion the same time the previous year. However, the majority of Irish goods exports are priced in US dollars because the Irish manufacturing industry is dominated by US-owned firms. So, according to Davy's economist, Rossa White, much of the slump in the value of exports was down to dollar weakness as the euro surged in value during the period. Bloxham Stockbrokers analyst, Alan McQuaid, said that the liklihood is that the euro will remain significantly stronger than the US dollar for the remainder of the year and will continue to dampen Irish exports. In the January to April period, exports of computer equipment fell by 23pc, organic chemicals were down 13pc, metalliferous ores by 20pc while eggs and dairy export products decreased by 17pc. On the positive side, exports of petroleum products soared by 79pc in the first four months of the year, while chemical materials rose by 47pc, medical and pharmaceutical products by 8pc and electrical machinery by 5pc. Goods to China increased by 38pc, to Malaysia by 91pc, to Singapore by 13pc, to Spain by 7pc, to Russia by 20pc and to Poland by 39pc. Imports fell by 5pc in the four months from January to April, falling from E21.505 billion to E20.544 billion and fell by 10.9pc in May of this year compared to May 2007. Davy's Rossa White points out that May of last year was the peak SSIA month – a time when demand for durable goods manufactured abroad was high and so the monthly figure is somewhat distorted. Imports of computer equipment fell by 23pc, other transport equipment was down 19pc, road vehicles slowed by 16pc and electrical machinery decreased by 14pc. Imports of fertilisers jumped by 91pc, petroleum products by 24pc, medical and pharmaceutical products by 16pc, gas by 16pc and organic chemicals by 8pc, the CSO added. Economists admit that the hoped for jolt to the economy from a rise in export sales is still a way off yet, a point that opposition parties were quick to highlight yesterday. The sharp fall in the value of export sales this year show that economic recovery is elusive, Fine Gael Deputy Leader and Finance Spokesman Richard Bruton TD said in reaction to the figures. He said that the benefit to the Irish economy of the 2.3pc rise in export volumes was 'cancelled out' by the 4pc fall in value terms.