Small Business - Exporting
22.02.2012
US to overtake UK for Irish exports -- HSBC
The US will replace the UK as Ireland’s largest trading partner and Irish exports will surge by 71pc over the next 13 years, according to a report by HSBC on international trade.
Trade with the US is growing the fastest of the top five trading partners at nearly 5pc a year, the report shows.
Agribusiness and pharmaceuticals will be key drivers in the coming years for Irish exports.
The report said Irish trade will probably slow over the next two years as the economy continues to struggle following the IMF bailout but said trade will then pick up quickly.
It highlighted that trade with India and Poland is growing in a major way. In particular, Ireland’s agri-business trade with these countries is growing at twice the rate of more general trade growth.
The total value of goods exported from this country will jump from $151bn to $262bn in 2025, according to HSBC.
Sorcha Corcoran
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