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Irish exports are up. Photo by: Google Images

Reports show rise in Irish exports to UK and US markets

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Irish exports are up. Photo by: Google Images

A new report shows that exports saw another quarterly rise in the three months to June on the back of growth in the U.K. and U.S. markets.

In its Export Analysis Report, investment bank Investec said its data shows the second quarterly increase of exports in a row, and the strongest figures since 2011.

The report measures export demand, export competitiveness and GDP growth in Ireland’s 15 major trading partners.

Investec noted that several euro zone trading partners contributed positively to Irish export growth as the area finally emerged from recession.

Commenting on the report, Investec’s chief economist Philip O’Sullivan said that while conditions remain fragile, the euro area’s return to growth in the second quarter of 2013, was a very welcome development.

‘’Growth within the single currency was concentrated in Germany, France and Belgium, although it is also worth noting that the drag from peripheral nations Spain and Italy was markedly reduced. Meaningful growth, however, may be another quarter or two away,’’ the economist added.

Monday’s report also said that that solid growth in China remains a good source of support for Irish exports, despite fears that the Chinese economy is moving to a much slower growth path. Gains in China were accompanied by positive growth in Japan, Hong Kong, Malaysia and Australia.

On the country’s competitiveness, Investec said the scale of the improvement in Ireland’s competitiveness since the start of the financial crisis is ‘’impressive’’ with substantial improvements in productivity and labor costs.

‘’Whilst further advantages of this scale are unlikely to be achieved over the years ahead, the European Commission continues to project that labor cost competitiveness in Ireland, relative to the euro area, will improve this year and next,’’ added O’Sullivan.

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