FOREIGN TRADE WILL drive the growth of Ireland’s economy, with a 6 per cent growth in exports every year from 2016 to 2030 being forecast.
The HSBC Global Connections Trade Forecast predicts that the economy will gradually strengthen on the back of the improving trade figures.
The report says that “solid and sustainable” GDP growth will be backed by export growths.
In the short term, imports and exports are due to grow from next year, with European exports set to rise two per cent.
Chemicals and pharmaceuticals will remain the main export sectors for Ireland, accounting for around 60 per cent of total merchandise exports.
Globally, the report shows that infrastructure trade is set to triple by 2030, outstripping both total trade growth and GDP over the same period.
China will become the fourth largest export market for Ireland by 2030, the report says. There will also be strong growth in exports to Argentina and Mexico.
Alan Duffy of HSBC Corporate Banking said; “Recent robust economic reforms have further improved our export competitiveness. This will help Irish firms to benefit from the improving conditions in the UK and the USA, as well as supporting Irish companies in gaining market share from other more stressed Eurozone economies.”