UK remains top growth market for Irish companies, survey shows

Brexit concerns aside, the UK is still considered the top growth market for Irish companies, a survey from London-headquartered HSBC Bank has found.

The survey suggests that Irish businesses are generally optimistic with 71 per cent expecting to increase trade volumes over the next 12 months. After the UK, the traditional US and German markets are seen as growth areas while emerging economies are also flagged as “top destinations”.

Sales to China, India, and the United Arab Emirates are forecast to rise by between 6 and 8 per cent per year from 2021 to 2030. In terms of importance for Irish goods, China is expected to replace France, currently in fourth place, but the top three spots are expected to remain unchanged.

While the outlook for trade is positive, businesses are still concerned about the expected negative impact from Brexit.

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Alan Duffy, HSBC Ireland chief executive, said: "Ireland's combination of low business taxation, a skilled workforce and its use as a base by a range of multinational companies all contribute to a forecast showing the nature of Irish goods exports being broadly stable over the next decade.

“Ireland’s competitive advantage in the goods and services sectors it exports also ensures that no serious shift in the composition of Irish goods and services exports is expected. Both of these points combined point to a positive trade outlook for Irish businesses over the coming months.”

Other key issues flagged by Irish companies include concerns for trading abroad with threats of protectionism looming. Over half of businesses suggested that governments are becoming more protective of their domestic business.

Cyber security, too, is seen as an increasing concern with 96 per cent of businesses signalling their fears over cyber threats. Data regulation was also identified as a possible barrier to trade, however, most businesses agreed that easier access to data will create a level playing field for trade.