Economists welcome first-quarter jump in export value of 5%

Wakeupcall

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This:
http://www.politics.ie/economy/80623-value-euro-risk-falling-10-year-end.html

Along with this:

THE VALUE of Irish exports rose 5 per cent in the year to April in what economists described as the quiet good news story of the struggling economy.
External trade data from the Central Statistics Office shows imports fell 6 per cent on a seasonally adjusted basis leading to an increase in the State’s trade surplus.
Dr Ronnie O’Toole, chief economist with National Irish Bank, described the performance of Irish goods exports over the last year, which rose to €7.7 billion in April, as “remarkable”. “While worldwide exports have been in freefall since Christmas, Ireland has been virtually alone among non-oil exporting countries in actually increasing export levels.”

[Irish Times]

Might be a good combination...
 


sandar

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its good news. But I wonder is this just the value in money terms and can be attributed to currency fluctuations against the dollar or sterling, in which case its ok but may not last.
 
G

Geckko

Ironically, demand from export markets would have the weakest affect on domestic output (and hence employment) because of the very large import leakage that results.

(i.e. all this shows is that foreign companies are shifting more stuff through Ireland on its way somewhere else)
 

sandar

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good point gheckho....thats why the boom years should have been used to create better advantage for smaller indigenious industries, but the benefits are still there, because some welath is generated from this moving around.......
 

HanleyS

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I'm pretty happy with this news on the face of it. Let's not hope it's not a repeat of the increase in exports we had when Dell moved all of it's hardware to Poland.
 

Seos

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The Balance of international Payments for quarter 1 will be out on the 30th so that'll help us to get a more whole picture.
 

toughbutfair

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Good news.

Our exports are also far in excess of our imports now (prob more a sign that we aren't buying cars etc than a booming export industry).

Still - good to have a few bits of good news to keep us away from those cyanide pills for a bit longer.:D
 

cd27

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good news for a change, now if only they weren't trying to kill the rest of the economy (and exporters) with high wages, taxes, spending, borrowing, etc, etc., we stand some chance! This shows where the real burden lies, the government and the public sector dragging everyone down.
 

FutureTaoiseach

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Shows we can recover without the Lisbon Treaty. Green shoots. Bad news for the yes camp.
 

HanleyS

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good news for a change, now if only they weren't trying to kill the rest of the economy (and exporters) with high wages, taxes, spending, borrowing, etc, etc., we stand some chance! This shows where the real burden lies, the government and the public sector dragging everyone down.
Exporters have always been getting on with it. Let's hope all this is reflected in my bonus a number of months down the line.:D
 

toughbutfair

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Exporters have always been getting on with it. Let's hope all this is reflected in my bonus a number of months down the line.:D
If you get a bonus at a time when people are losing the jobs aren't we supposed to hate you - call you a fat cat, a thief etc - that's my reading of the media anyway.
 

HanleyS

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If you get a bonus at a time when people are losing the jobs aren't we supposed to hate you - call you a fat cat, a thief etc - that's my reading of the media anyway.
Despite performance our bonuses have been postponed this year and likely won't be paid. I can still be an optimist though!

Weakening of the Euro by 10% or more would make this a great year for me though from many for many reasons.
 

Seos

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Ironically, demand from export markets would have the weakest affect on domestic output (and hence employment) because of the very large import leakage that results.

(i.e. all this shows is that foreign companies are shifting more stuff through Ireland on its way somewhere else)
I would have agreed but from analysing the production volume index (unadjusted, all industries) from here(page2): http://www.cso.ie/releasespublications/documents/industry/current/prodturn.pdf

And changing the base of the export volume index to 2000 (so it's the same as the production index) from here(page two):
http://www.cso.ie/releasespublications/documents/external_trade/current/extrade.pdf

And putting them in a graph together:


So from this we can see that the increase in exports was actually accompanied by an increase in production, so this increase in exports is actually [edit]mainly[/edit] due to increased output and if the increase is sustained it would be beneficial for employment.
 
Last edited:

Oblivion

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"The strong performance was largely thanks to the recession resistant pharmaceutical industry and bode well for Ireland, which is becoming more competitive in terms of wages, said Ronnie O'Toole, chief economist at National Irish Bank."


Uh huh, so we're selling lots of drugs.

Brilliant news for the 1-2% of the population who have degrees in chemistry and biology.

Becoming more "competitive in terms of wages" wouldn't be a race to the bottom, by any any chance?
 

Seos

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Brilliant news for the 1-2% of the population who have degrees in chemistry and biology.
And everyone who sells them goods and services... and everyone who sells those people goods and services, etc.
 

Seos

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