Ireland's export industry has offered the latest ray of hope in the nation's economic recovery, after merchandise exports experienced the first quarterly growth since the start of 2009.
Releasing figures for the second quarter of 2010, the Irish Exporters Association (IEA) indicated that merchandise exports rose by five per cent – more than €1 billion – compared to the first quarter of the year.
The chief executive of the IEA, John Whelan, said the numbers were likely a precursor of continued recovery in exports, due to the export-friendly status of the euro.
"The Irish Exporters Association believes that the combined Irish exports of goods and services will show positive growth of some 3.4 per cent for the full year," he said.
Mr Whelan said exchange rate movements have been crucial to the growth, particularly in exports to the UK and US, with the euro declining by eight per cent against the pound and 16.5 per cent against the dollar in the first six months of the year.
Exports in the agri-food sector rose by just under three per cent during the second quarter compared to the same quarter in 2009, largely due to global increases in commodities prices.
Exports in the beverages sector showed particularly strong growth – rising by more than 13 per cent – leaving them just one per cent below the first half figures of 2008.
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