Export Growth Predictions Lowered

Predictions for Ireland’s export growth have been lowered after an unexpectedly weak third quarter.

The Irish Exporters' Association has lowered its forecast for export growth from the 7% growth, estimated at the start of the year, to 5%.

According to Mr John Whelan, Chief Executive at the Irish Exporters Association this is an unexpected turn of events for the Irish export sector and if it continues could derail the Irish economic recovery which has placed a high dependence on the recovery being export-led.

Mr Whelan said:"The poor showing of exports in the third quarter, however, does not detract from the positive growth posted so far this year."

He noted that cumulatively for the period January to end of September 2011 exports are still showing a 5.4% growth over the same period in 2010.

Figures show that exports of manufactured goods are up by 3.5% over the same period last year and services exports up by 7.9% in the period.

Mr Whelan said a "weak and bumpy" recovery seemed to be emerging in world trade.

And it is his opinion that Irish exporters need to expand their customer base - particularly to rapidly-growing markets such as Brazil, China, India and Russia.

(LB)