Fears over poor economic growth across Europe
Irish businesses could face a tough trading year due to poor economic growth across Europe, it was claimed today.
With new figures showing only a slight increase in export levels Michael Ahern, junior enterprise minister, warned exporters that the tight market conditions they suffered last year had not yet shifted.
The Central Statistics Office reported the level of outgoing goods had fallen by 2% in February from January to €6.93m, while imports had dropped 3% to €4.25m.
“It is too early to see a significant trend in the 2005 figures,” the minister said.
“But it appears that the tight market conditions for exporters which emerged in the latter part of 2004 are continuing.”
CSO figures revealed exports to the United States had increased by 48.6% in January over the same month in 2004. But the minister said the surge was not likely to be sustained.
The report showed exports to the European Union declined by 4.75% for the month compared to January 2004.
“The surge in exports to the US is welcome, but clearly the lower levels of economic growth in the EU, which takes about two-thirds of our exports, are making it difficult for exporters in those markets,” he said.
The statistics also showed exports increased by almost 4% in January 2005 over the same month in 2004, while preliminary figures for February showed exports in the January – February period dropped by 0.3% over the same period last year.
Mr Ahern also confirmed President Mary McAleese, Taoiseach Bertie Ahern and other ministers would lead a total of 11 overseas trade missions in the first six months of the year.
