Exports to the eurozone shrink 5pc in first half of year
EXPORTS to the eurozone shrank 5pc in the first six months of the year, as a leading trade group called for state support to get exporters through the worsening economic downturn.
The Irish Exporters Association (IEA), said manufacturing exporters needed to be propped up by the state as they are particularly vulnerable to the Eurozone crisis which could “derail the Irish export recovery”.
IEA head John Whelan said the EU crisis is creating “excessive” uncertainty amongst businesses and consumers in Europe as well as the USA and China.
“The impact on Irish merchandise exports is extensive with exports to the eurozone contracting by 5pc in the first six months of the year, effectively de-railing the recovery of the many indigenous manufacturing exporters to the region,” he claimed.
The IEA chief also indicated that Ireland’s over dependency on pharma exports to the United States was “coming home to roost”.
‘’Exports to Ireland’s number one export market has taken a severe downturn as the full impact of the end of patent protection has hit pharmaceutical exports to the US in the first half of year. However, patent protection is by market, hence the impact will vary according to the export country destination,” Mr Whelan added.