Irish companies 'positive' about overseas trade prospects
Irish businesses say that they are optimistic about their trade outlook over the coming months, however they remain worried about Brexit.
This is according to a new report from HSBC, 'Navigator: Now, next and how for business.'
The report, which combines an economic forecast of medium to long-term bilateral trade and a global survey gauging business sentiment, found that of the Irish businesses surveyed, 71pc say expecting an increase in their trade volumes over the next 12 months, largely being driven by a favourable economic environment and increasing demand for individual products.
However, three in four businesses say that they are worried about the negative impact Brexit may have on their business.
"The latest Navigator report shows that while Irish exporters are unsurprisingly negative about the UK’s departure from the EU, they are optimistic about the outlook for trade with the UK," Alan Duffy, HSBC Ireland chief executive, said.
"Irish businesses are set to continue diversifying their global trading links with emerging economies, with the markets once again identified as being of most importance in driving export growth, with sales to China, India and the UAE all set to rise."
Despite concerns from businesses around Brexit, the report findings identifies the UK as the top growth market for Irish firms followed by the US and Germany.
Meanwhile, the report predicts that the top destinations for export sales growth for Irish companies will be dominated by emerging economies.
Sales to China, India and the UAE are forecast to rise by 6-8pc per year from 2021-2030, with the top 10 export destinations for Ireland also including several advanced economies such as Singapore and Canada, according to the report.
Over 120 Irish companies were surveyed as part of the report, all of whom trade internationally.