Irish exports to the U.K., Ireland’s biggest trading partner, dropped 18% in August as the British economy slid into a recession and the euro’s advance against sterling eroded competitiveness. Weak sterling means Irish products are dearer in the U.K. Sales to the U.K. fell to €958m in August from €1.17billion in the same month a year earlier, according to the CSO today. Figures for the three months through September show sales abroad dropped 3.7% from a year earlier in the third quarter to €20.8billion. The euro has increased 14% against sterling this year, eroding Irish companies' profit margins. A housing slump and the financial crisis have pushed the U.K. to the brink of a recession, cooling demand for imports.
Showing posts with label Exports. Show all posts
Showing posts with label Exports. Show all posts
Thursday, November 27, 2008
Irish exports to the U.K. are down
Irish exports to the U.K., Ireland’s biggest trading partner, dropped 18% in August as the British economy slid into a recession and the euro’s advance against sterling eroded competitiveness. Weak sterling means Irish products are dearer in the U.K. Sales to the U.K. fell to €958m in August from €1.17billion in the same month a year earlier, according to the CSO today. Figures for the three months through September show sales abroad dropped 3.7% from a year earlier in the third quarter to €20.8billion. The euro has increased 14% against sterling this year, eroding Irish companies' profit margins. A housing slump and the financial crisis have pushed the U.K. to the brink of a recession, cooling demand for imports. 
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