Michael Noonan (Limerick City, Fine Gael)

Some 20% of our exports go to the United States, another 20% to the United Kingdom, 40% to Europe in general and the other member state and 20% to other markets. Many of our exports are inelastic to demand, for example medical and pharmaceutical products. If one is sick and needs a stent for one's heart, one will buy and pay for the stent. Food is in the same category, particularly food exports into south east Asia and emerging markets. The new emerging families in China and India want to give their children protein and dairy products and they see Ireland as the premier world brand. Almost any food that is produced in Ireland can be sold. Therefore, it is not true to say there is a direct relationship between the downturn in world demand and the ability of Ireland to export. We proved that all last year, with exports increasing by 4.5% having already increased the previous year by 6%. We know from the order books that exports will have risen again this year. Therefore, the Deputy's analysis is not fully correct.

See this speech in context