Asia key to export growth, study predicts
Asia will be a key trading partner in the future growth of Irish exports according to a report from HSBC Global Connections.
Research from the bank released today predicts that China will overtake France and Japan to become Ireland’s fourth largest export destination by 2030.
India and Vietnam are also forecast to be among the fastest-growing export markets in the next two decades, with Malaysia and Indonesia becoming increasingly important.
Chemicals and pharmaceuticals are expected to contribute the most to export growth from 2013 to 2030.
Irish exports grew to €92 billion in 2012, the highest level in a decade, as improved competitiveness boosted trade.
Figures from the Central Statistics Office yesterday also indicated a 2.4 per cent increase in alcohol exports in 2012, a rise of €26 million during the year.
However, HSBC predicts future export growth will come from Asia as trade with Europe is expected to remain subdued, only rising to four per cent by 2016 to 2020.