Oil prices ‘will lead to hard times’

RISING oil prices and the continued strength of the euro will make the next six months a difficult period, the group representing Irish exporters warned yesterday.

The Irish Exporters Association (IEA) said exports in the first half of 2004 stood at €41 billion, 2% more than the same period last year, but that trends in recent months were heading in the wrong direction.

IEA chief executive John Whelan said the revival in exports had been cut short by concerns over oil and international security. Irish businesses had lost market share in Britain and America as a result of the euro’s strength, but there was good news from markets in the eurozone as exports to these countries went up by 11%.