Sterling is still the big deal for Irish exporters

Sterling’s slump since Britain voted to leave the EU continues to be a major conundrum for Ireland’s exporters.

Despite the positive July retail sales growth, employment growth and inflation figures from the UK last week, the fact remains that sterling has lost around 12% of its value against the euro since June 23, changing hands at its lowest rate since the dark days of the recession back in 2011.

The importance of the UK market to Irish exporters was evident in the half year trade figures released last week by the Central Statistics office. It remains our third largest market and cannot be easily replaced.