Spiral in food exports drives encouraging trading balance

A rise of 10.2% in food exports has played a significant role in driving an encouraging trading balance for Ireland in the first half of 2014, according to Davy stockbrokers.

While the country’s trading figures have long been heavily reliant on pharma exports, the rise of the food sector is viewed as very positive for both Irish GDP and domestic employment.

Overall, Davy is predicting total Irish exports to grow by 3.5% this year and 4% in 2015. In the first half of the year, nominal pharma exports were up 5.9% on the year. Moreover, non-pharma exports were up 1.5% year-on-year, driven by a 10.2% rise in food exports.