Asian markets to be fastest growing for Irish exports from 2021-2030 – HSBC
The fastest-growing export destination for Irish exports in the period 2021-2030 will be China, followed by Vietnam, India and Malaysia, according to HSBC’s latest Global Trade Forecast.
It predicts 6pc growth in the overall value of trade for Ireland over the period, with these four markets all growing at around 11pc a year.
Aside from the high-growth Asian markets, robust growth in the US and UK and a weaker euro should help sustain strong export growth for Ireland in the coming years, according to the forecast.
“The outlook for the Irish trade sector is bright in the short and long term. We are absolutely right to look further overseas, with exports to China, for example, expected to grow by 11pc per annum in the decade to 2030,” said HSBC Ireland CEO Alan Duffy.
“However, China will not displace the UK or the US as Ireland’s most important export market and we mustn’t lose sight of the importance of our traditional trading partners.”
The report identifies the chemicals sector, which comprises chemical and pharmaceutical products, as being set to retain its dominant position as Ireland’s top export sector.
It also highlights the electronics sector as having promise, forecasting growth of 5pc per annum for that sector over the period 2015-2030.
“Ireland has established itself as a major manufacturing and export centre for multinational electronics companies, supplying about 20pc of Western Europe’s electronics,” said Duffy.
“Strong growth is projected and there is further cause for optimism in a proposed expansion of the World Trade Organisation’s Information Technology Agreement to eliminate tariffs on an additional 200 products.
“This would increase trade openness and further lower the costs of locating manufacturing facilities here, encouraging more inward investment.”
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