Exports Rise As Weak Euro Brings Benefits

The Irish Exporters Association has revealed that ambiguity and turmoil within the eurozone has effected any possible growth in the exports sector for the first three months of this year. But did say that exports were still performing strongly.

Merchandise exports grew by just 0.1% in the first quarter of the year, while service exports grew by a more robust 8.1%, providing all of the uplift in the total export growth of 3.6%.

For the full year, the IEA is forecasting total export growth of 3%, made up of 1% growth in goods and 6% growth in services.

The association said a big positive within today’s report was exports to the UK, which grew by 19% in the first quarter. The increase was helped by a weaker euro.

Exports to Brazil and Russia were up 32%, and exports to India were up 14%, but exports to China fell by 5%.

Total exports to BRIC countries accounted for just 4% of all Irish exports. In comparison, most EU states send a fifth of their export to the BRIC countries.