Richard Bruton (Dublin North Central, Fine Gael)

The full details of our trade balance are set out in the tables that follow this reply. Complete data for 2011 are not yet available. In summary, Ireland's trade balance with the UK improved from a deficit of €385 million in 2007 to a surplus of €3,009 million in 2010. The trade balance with BRIC countries improved from a deficit of €923 million in 2007 to a surplus of €2,714 million in 2010. A trade surplus of approximately €27 billion prevailed with the rest of the EU throughout the period from 2007 to 2010. The trade balance with the rest of the world improved from a deficit of €2,940 million in 2007 to a surplus of €7,853 million in 2010. The indications for 2011 are that exports will continue to grow in these markets, outstripping import growth in each case.

The strong growth of net exports has helped make a crucial and positive contribution to this country's GDP. This is especially important because some other components of economic growth have been negative. The latest Government forecast for export growth in 2012 is 3.6% and in 2013 is 4.5%. Our export performance has been very impressive. Following the fall in exports during the worst years of the recession, they have rebounded. When the final data for 2011 are published, it is expected that a modest increase will have been achieved despite the economic difficulties in some of our key markets. Furthermore, volume trends have been particularly good as we have become relatively cheaper in many markets. The strong performance of the food sector, with its deep links to the wider economy and indigenous firms in particular, has been a positive feature of our export recovery.

I am confident that our exporting momentum will be maintained for the coming years, subject to conditions not deteriorating in the world economy. Exports from Enterprise Ireland clients, which cover much of the indigenous exporting sector, are likely to reach or exceed €14.6 billion for 2011, which represents an increase of approximately 5%. If there is reasonable stability in global markets, these exports could expand by approximately 5% again this year. The Government is committed to supporting export growth in every possible way. A new role in the promotion of trade has been assumed by the Tánaiste to ensure the impact of our overseas representation is maximised. The new Export Council, which was established under the programme for Government, is being chaired by the Tánaiste. It is developing initiatives to open new markets and increase the penetration of Irish business in existing markets.

I am confident that our exporting momentum will be maintained for the coming years, subject to conditions not deteriorating in the world economy. Exports from Enterprise Ireland clients, which cover much of the indigenous exporting sector, are likely to reach or exceed €14.6 billion for 2011, which represents an increase of approximately 5%. If there is reasonable stability in global markets, these exports could expand by approximately 5% again this year. The Government is committed to supporting export growth in every possible way. A new role in the promotion of trade has been assumed by the Tánaiste to ensure the impact of our overseas representation is maximised. The new Export Council, which was established under the programme for Government, is being chaired by the Tánaiste. It is developing initiatives to open new markets and increase the penetration of Irish business in existing markets.

*Some country data suppressed for confidentiality reasons and therefore not included

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