2008
Press Release
To read the full details of the Half Year Review, please click here
Thursday 31st July 2008
Half Year Report 2008 from Irish Exporters AssociationThe Irish Exporters Association (IEA) released its half-year review today, 31st July 2008, with a keynote message:
- that exports have entered a period of weaker growth in internationally traded services and one of falling sales in manufactured goods exports.
- Services exporters continued to perform reasonably well despite the downturn in international markets, but they also recorded a growth rate well below that of recent years in the first half of the year .
- Merchandise exporters ,however, lost market share in 8 of Ireland’s top ten international markets and recorded an overall sales decline of 5%.
The net result was that :
Ø Total Exports for the first half of the year were down 1% to €76.5 billion.
Ø Merchandise exports were down 5% to €43.4 billion.
Ø Services exports were up 5% to €33.1 billion.
John Whelan stated at the release of the review :
“There is no doubt that the slow down in world trade has exposed the deterioration in competitiveness of Irish exports over recent years.”
He continued and said:
“We need immediate action plans from Government to control inflation if exporters are to regain the necessary price competitive edge to prevent a major decline in our sales to international markets .A move back to a robust growth path in merchandise and services exports will only come if wage restraint and Government induced inflationary cost increases are immediately put in place.’’
He warned:
“Time is running out, failure to address the inflationary cost issues in Ireland will cause further loss of Irish export competitiveness, with the consequent further loss of sales in international markets.’’
Key market features in the Review were:
Ø Merchandise exports fell in 8 of our top ten markets including the US and the UK.
Ø However, exports to China grew by 33% and to India by 10% and to Singapore by 8%.
John Whelan I.E.A. chief executive went on to say :
“There is no doubt that the fast growing markets of Asia provide the best growth opportunities for Irish exporters.”
He went on to comment:
“This is why it is so important that the WTO Doha Round is put back on the agenda by Governments and attempts made to successfully conclude an agreement . Irish Exporters see this as critical to keeping open markets , particularly in developing and emerging markets for Irish goods and services ’’.
The I.E.A. statement went on the point to the continued good growth of the Services exports, which despite the turmoil in financial markets grew by 5% to €33.1 billion in the first half of the year.
John Whelan went on to say:
“The unfavourable international environment took its toll on services exporters who had been achieving double digit growth in each of the last five years. However, this is still a very strong performance by our Services exporters , in particular by the largest two sectors; Computer Services which grew by 12% and Business Services which grew by 11%.’’
End
FOR FURTHER INFO CONTACT
John Whelan
Ph 087 9271243
e-mail; jfwhelan@irishexporters.ie
31st July 2008
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