Ireland has moved to the top of the rankings of the latest HSBC Trade Confidence Index for Europe. Ireland’s rating has risen above the neutral mark of 100 at 119, two points higher than in March, when the last survey was issued.
HSBC said that relatively strong economic growth in the US and UK will be key drivers for Ireland in the near term with chemicals and pharmaceuticals set to play the biggest role in driving export growth, but the report also states that Ireland’s exposure to fast-growing emerging economies will need to increase if Irish firms are to fully exploit opportunities further afield.
The fastest growing markets for Irish exports are expected to be China, Vietnam and Malaysia, with double digit export growth to these countries expected out to 2030. The country’s agri-business sector is predicted to grow by as much as 40 per cent “Ireland punches well above its weight in agricultural trade, with a broad-based sector that includes global players in food sales alongside smaller producers,” commented HSBC Ireland’s chief executive Alan Duffy.
The HSBC Trade Confidence Index is conducted by TNS on behalf of HSBC in a total of 23 markets.
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