Exports of goods and services will get boost from goodwill generated by HM Queen Elizabeth’s visit; state Irish Exporters Association (IEA).

 

The IEA today (20^th May) responding to the visit of HM Queen Elizabeth, UK Prime Minister David Cameron, Secretary of State for Foreign Affairs William Hague, stated that the trade with the UK would undoubtedly receive a boost as a consequence of the very successful State visit.  

John Whelan, chief executive of the IEA said: 

‘The UK is our largest export market for goods and services and grew to €27.8 billion in 2010, but this was off the high point we reach of €30 Billion in 2007 .

Exports sales have been falling since that time , but we are confident that the State visit from the UK will re-position Ireland and Irish products and services in a more favourable light in the hearts and minds of UK consumer , and will boost our exports above the €30billion level this year.’ 

He went on to say;

‘The exchange rate with sterling has been a barrier to Irish export growth in recent years, but Irish businesses have cut costs and are now in more competitive shape to expand again.’

‘We are confident that the profile generated during the State visit will help ensure Ireland is back on boardroom tables for a review of bi–lateral business opportunities .’ 

The IEA advise the following trade information;

• Ireland is the 5^th largest export market for UK businesses. In 2010 we imported €25.1 billion in goods and services from the UK. Hence, it is very important to UK industry that Ireland continues to prosper.
• Irish exports to the UK in 2010 were €14.0 billion in services, and €13.8 billion in goods, in total reaching €27.8 billion. This is the first time our services exports to the UK have exceeded our goods exports. This has been driven by the establishment of companies such as Linkedin, Google, PayPal, e-Bay, Facebook in Ireland to serve the UK market as well as Europe, Middle East and Africa.
• The UK is very important for our Food and Drink export industry accounting for approx 45% of the total exports from the sector. The State visit should particularly boost the export growth prospects in this sector .    

John Whelan concluded by saying:

‘The UK government has recently launched a major stimulus package to their exporters. The recent Irish Governments Jobs Initiative is a step in the right direction , but needs to be backed up with a more comprehensive export promotion package, if we are to take full advantage of key markets such as the UK, as well as further a field .’

 

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