Irish exports rise by €6bn

Irish exports rose by €6 billion in the first six months of the year, an 8 per cent rise, the Irish Exporters Association said today.

The IEA released the figures in its half-year review, and said it was in line with its full year projection that merchandise and services exports would grow to €177.5 billion, some 9.1 per cent higher than 2010.

This growth rate is "substantially higher" than the global average and is expected to be fulfilled despite the economic turmoil in the first half of the year.

"Shocks such as the disaster in Japan, unrest in the Middle East, currency volatility, sovereign debt, the banking crisis and oil spiking above $120 per barrel were just some of the problems experienced by exporters," said IEA chief executive John Whelan.

Merchandise exports from Ireland continued were 7.4 per cent higher in the first half of 2011, lifted by a 14.2 per cent surge in agri-food exports.

The chemical and pharmaceutical sector also showed significant growth during the period, as export sales rose by 13.5 per cent. About half of these exports headed to the euro zone, while a quarter went to the US, and 10 per cent to the UK.

Services exports, which accounted for 45 per cent of the total export figure, grew by 8.3 per cent in the first six months of the year, lifted by computer services exports, which rose by 11.4 per cent. Business services companies grew exports by 6.9 per cent.

"We expect continued growth despite constants shocks," Mr Whelan said. "We are confident that the export growth rates expected in Ireland will significantly exceed the global average in 2011."