The decline in world trade will mean a heavy cutback in most export sectors and total closure for some, the newly-elected president of the Irish Exporters Association has warned. Mr Brian Ranalow singled out wage cost pressures, the rising cost of services, infrastructural deficiencies and the rise in late payments for goods as particular problems in export firms. "Export margins, which expanded on the back of the weak euro are now back to very tight levels and not capable of withstanding an output volume reduction or an adverse exchange rate movement, both likely consequences of the current international turmoil," he said.