Business Irish

Tuesday 28 March 2017

Ireland's export-led recovery remains on track -- IBEC

IBEC, the group that represents Irish business, today said that new CSO trade figures show that Ireland's export-led recovery remains on track.

The group said exports will increase by around 6pc in 2011 and will be the main source of Irish economic growth for the immediate future.

Reacting to today's figures, IBEC head of trade policy Pat Ivory said: "Ireland's export-led recovery remains on track with both Irish merchandise and services exports continuing to grow.

"Today’s figures indicated that exports of goods in 2010 reached €89.4bn, an increase of 6pc increase compared with 2009.

"The United States continues to be a key market for Irish business, with exports of goods to the US up 14pc to €20.8bn, while imports of goods from the US were down 18pc to €6.4bn.

"In contrast Irish exports to the EU grew by less than 1pc to €51.8bn, while imports grew by 3.3pc to €27.6bn.

"Ireland’s exports of goods to Japan rose by 3.2pc to €1.8bn, with imports up 22pc to €0.8bn. Recent events may impact significantly on the overall trade outlook with Japan in 2011.

"The export performance on the goods side is further strengthened by even higher growth in services exports. CSO figures released last week indicated that services exports reached €73.3bn in 2010, an increase of 10pc compared to 2009.

"We expect exports to increase by around 6pc in 2011 and to be the main source of Irish economic growth for the immediate future," concluded Mr Ivory.

Promoted articles

Also in Business