Record Export numbers in 2010. 2011 will be better again.

Atilathehun

Irish exports reached an all time high in 2010. Driven to a large degree by domestic agri business as well as the MNC sector. This trend will continue and expand in 2011.


http://www.irishtimes.com/newspaper/breaking/2011/0105/breaking23.html

Value of Irish exports tops €161bn

The value of Irish exports reached €161 billion last year, the highest annual figure ever recorded.
In its end of year review for 2010, the Irish Exporters Association predicts that this figure will grow to €172.6 billion next year, as total exports grow by an estimated 7.2 per cent.

Figures for last year show that exports of goods and services grew by 6.7 per cent in 2010, with exports in the fourth quarter growing by 18 per cent. The growth in exports was due to an improvement in demand from international markets, as economic recovery took hold.

Sales to the USA - Ireland's largest market - were up by 18 per cent in the year, while sales to Canada were up by 27 per cent. Irish exports to Germany were also particularly strong, increasing by 42 per cent in the year.
However, Irish exports to the UK struggled last year, up only marginally on the year, despite a 1.2 per cent growth in the UK economy. The slight increase in Irish exports to the UK was due to a 3 per cent growth in exports to Northern Ireland, which offset a small fall in exports to England.

Chief executive of the IEA, John Whelan, said there was a clear shift away from dependence on the UK market in favour of export developments in North America, South America and Asia. The emerging markets of Brazil, Russia, India, and China (BRIC countries) showed an increase of 12 per cent in the year.

Ireland's manufacturing and agri-food industries drove the growth in exports. “There were clear signs through out the whole year that manufacturing and agri-food sectors were repositioning themselves, shedding costs, moving up the value chain, and exploiting renewed growth in global markets,” Mr Whelan said.

He was also optimistic about the outlook for 2011. “Ireland’s export performance depends greatly on growth in world trade and according to the OECD’s latest forecast world trade growth is expected to ease down from the 12.3 per cent experienced in 2010 to 8.3 per cent in 2011, and to slow ever further to 8.1 per cent in 2012,” he said.

ei.sdraob

How much of that was due to one off increase thru to Bermuda

Atilathehun

ei.sdraob wrote: »

How much of that was due to one off increase thru to Bermuda

Cows wouldn't be welcome in Bermuda:cool:

gurramok

How much of them are actually from Irish owned companies?(hint:its very low)

It was debated here before, most of the growth is from foreign MNC's. Just can't see them creating 300,000 jobs though

Lu Tze

The largest export this year i suspect will be people.

thebman

There is an increase in exports from domestic industries as well, not just MNC.

Lets not get too negative about this.

I've heard of plenty of small Irish software companies being contacted by British companies to develop software for them recently.

Some of those companies are things like British companies using Irish software whose managers over here have purchased custom software that works out well for the business so the British divisions start to take notice when they are examining the Irish operations and how we are doing somethings better than they are being done in the UK.

We do somethings very well and have some very poorly performing domestic industries such as construction. What we need is more jobs in low-skilled areas rather than attempting to up skill a 40 year old builder to be a software developer which is unlikely to happen. I think many of the unemployed are going to end up in retail and transport areas as things begin to pick up a bit.

I think the existing warehouses and manufacturing business are getting smarter and requiring less resource to reduce their cost of doing business so they can have less employees doing the same work since we can't compete on wages with the China and Eastern Europe.

However, things still need to go places and people still need to buy things and this is where domestic jobs are most likely to come from.

Eventually constructions decline will level off and slowly move back up to a more stable level than previously. The important thing will really be to ensure we don't have an unsustainable boom in one area (most likely to be Green technology at the moment) and get too focused on that area with our economy. It needs to be diversified enough that if one area collapses, it is not like a heart attack to the entire system.

mike65

Good news, just not fashionable news. Irelands food and drink sector could add so much more, even now the scope for "added value" is considerable.

Atilathehun

thebman wrote: »

There is an increase in exports from domestic industries as well, not just MNC.

Lets not get too negative about this.

I've heard of plenty of small Irish software companies being contacted by British companies to develop software for them recently.

Some of those companies are things like British companies using Irish software whose managers over here have purchased custom software that works out well for the business so the British divisions start to take notice when they are examining the Irish operations and how we are doing somethings better than they are being done in the UK.

We do somethings very well and have some very poorly performing domestic industries such as construction. What we need is more jobs in low-skilled areas rather than attempting to up skill a 40 year old builder to be a software developer which is unlikely to happen. I think many of the unemployed are going to end up in retail and transport areas as things begin to pick up a bit.

I think the existing warehouses and manufacturing business are getting smarter and requiring less resource to reduce their cost of doing business so they can have less employees doing the same work since we can't compete on wages with the China and Eastern Europe.

However, things still need to go places and people still need to buy things and this is where domestic jobs are most likely to come from.

Eventually constructions decline will level off and slowly move back up to a more stable level than previously. The important thing will really be to ensure we don't have an unsustainable boom in one area (most likely to be Green technology at the moment) and get too focused on that area with our economy. It needs to be diversified enough that if one area collapses, it is not like a heart attack to the entire system.

At long last. A post which doesn't seek to find a way to turn a bit of positive news into nothing more than somebody spin doctoring bad news into positive.
It's a hard and real fact that many MNC's are expanding and hiring. It's a hard fact that agri business which is very labour intensive, is on the cusp of a significant upswing.
But hey, don't let the facts get in the way of the doom and gloom merchants around here.
It's also true of course that there are many problem areas in the economy. That hard fact doesn't mean however that there are no positives.

Slozer

Atilathehun wrote: »

At long last. A post which doesn't seek to find a way to turn a bit of positive news into nothing more than somebody spin doctoring bad news into positive.
It's a hard and real fact that many MNC's are expanding and hiring. It's a hard fact that agri business which is very labour intensive, is on the cusp of a significant upswing.
But hey, don't let the facts get in the way of the doom and gloom merchants around here.
It's also true of course that there are many problem areas in the economy. That hard fact doesn't mean however that there are no positives.

Show me the JOBS! If unemployment figures drop for the last quarter 2010and first quarter of 2011 then we have everything to be positive about, we are on the road to recovery, those are the facts we need to be looking at.

gurramok

Atilathehun wrote:

But hey, don't let the facts get in the way of the doom and gloom merchants around here

We need employment figures to show whats going on jobs wise and the last batch of numbers released still showed a decline in numbers.

July-Sept period 2010. They fell from 1.859m in Q2 to 1.851m in Q3. http://www.cso.ie/releasespublications/documents/labour_market/current/qnhs.pdf

later12

It's good news and the 2010 tax take shows that it does have a positive impact on the economy (to the tune of an unexpected addition of 750m) and as such it shows that progress is happening in monetary terms.

People who were expecting that to mean overnight dramatic turnaround of the unemployment situation, will be, as I fear they must regularly be in their lives, disappointed.

It's a good start.

ei.sdraob

later10 wrote: »

It's good news and the 2010 tax take shows that it does have a positive impact on the economy (to the tune of an unexpected addition of 750m) and as such it shows that progress is happening in monetary terms.

People who were expecting that to mean overnight dramatic turnaround of the unemployment situation, will be, as I fear they must regularly be in their lives, disappointed.

It's a good start.

We turned a corner says you

later12

Are you even able to read that graph? Do you think it's particularly negative based on where we were twelve months ago??

ei.sdraob

later10 wrote: »

Are you even able to read that graph? Do you think it's particularly negative based on where we were twelve months ago??

I made the graph using the figures provided by the govt.

Yes its negative considering we heard all year moaning about "savage cuts"
Yes its very negative considering we have same sized deficit as California, worlds 8th largest economy apparently

Context is very important in statistics, pointing at small movement while ignoring the bigger picture is silly. The big picture is we barely began to address the problems in this economy, no amount of spin changes that at the end of the day we still will have to borrow ginormous amounts at high interest and be paying for debt for a long time. Last year alone our debt repayments almost doubled. Exports alone would not lift this economy out of a mess we are in.

later12

Ah this kind of whiney jibberish is just daft - now I am capable of my own fair share of doom and gloom, but statistics that show increased tax receipts based on an unexpected rise in the export market is a positive thing. Nobody is saying that it is enough, but it is a good start and it shows that the economy is picking up. That is quite basic.

What were you hoping for? A 100 billion euro lottery win?

later12

ei.sdraob wrote: »

Exports alone would not lift this economy out of a mess we are in.

Who said that it would?

ei.sdraob

later10 wrote: »

Ah this kind of whiney jibberish is just daft - now I am capable of my own fair share of doom and gloom, but statistics that show increased tax receipts based on an unexpected rise in the export market is a positive thing. Nobody is saying that it is enough, but it is a good start and it shows that the economy is picking up. That is quite basic.

What were you hoping for? A 100 billion euro lottery win?

I was hopping for a serious downward movement in expenditure, instead its projected to rise next year after barely falling
Yes its nice that there was a small rise in income receipts, but its like taking few steps back on an escalator moving in opposite direction.

later10 wrote: »

Who said that it would?

You swear by listening to news today that we "turned a corner" and the economy is out of the dire straights its in. While the figures shows that we are still deep in **** and will go in deeper despite all the noise about serious cuts. The spin in the media today is incredible, apparently exports alone will drag us out.

johnnyskeleton

thebman wrote: »

There is an increase in exports from domestic industries as well, not just MNC.

Lets not get too negative about this.

The value of our exports (161) is greater than GDP (c. 160) i.e. the total value of all goods and services produced and consumed in the country during the year and much greater than GNP (c. 135) i.e. the total value of all goods and services produced and consumed within the domestic economy. And it is expected to grow to 171 while GDP and GDP are set to shrink further

Figure that one out.

ei.sdraob

johnnyskeleton wrote: »

Figure that one out.

this?

johnnyskeleton

Atilathehun wrote: »

It's a hard and real fact that many MNC's are expanding and hiring.

Source?

Atilathehun wrote: »

It's a hard fact that agri business which is very labour intensive, is on the cusp of a significant upswing.

How can a prediction of a significant upswing be a hard fact?

Atilathehun wrote: »

But hey, don't let the facts get in the way of the doom and gloom merchants around here.

Don't let facts get in the way of mindless optimism and speculation either.

johnnyskeleton is a really great guy who is going to have a brillian year in 2011. FACT.

ei.sdraob

later10 wrote: »

It's good news and the 2010 tax take shows that it does have a positive impact on the economy (to the tune of an unexpected addition of 750m) and as such it shows that progress is happening in monetary terms.

The income is 1.5 billion down compared to last years income estimate from the govt.

35.9bln estimated income for 2010 vs 34.4bln actual income for 2010

yes yes very unexpected upswing, where can I buy one the latest edition of the DoubleSpeak Dictionary

later12

ei.sdraob wrote: »

I was hopping for a serious downward movement in expenditure, instead its projected to rise next year after barely falling

Do you understand why it is about to rise, slightly? And more importantly, can you put a figure on "serious downward movement", bearing in mind the effects that serious cuts in expenditure, unless contained over a period of time, can have on a consumer economy.

ei.sdraob

later10 wrote: »

Do you understand why it is about to rise, slightly? And more importantly, can you put a figure on "serious downward movement", bearing in mind the effects that serious cuts in expenditure, unless contained over a period of time, can have on a consumer economy.

see post above yours, the real news should read like this

"income is down 1.5 billion from budgeted estimates"

instead we get spin in the media

later12

ei.sdraob wrote: »

see post above yours, the real news should read like this

"income is down 1.5 billion from budgeted estimates"

instead we get spin in the media

From budgeted estimates in *2009*? Why? Why not estimates from back in 2007 as well? We're way down on that too.

gurramok

2010 was a worse year than 2009 on the actual revenue side, not made up fantasy 'expectation' figures.

http://www.rte.ie/news/2011/0105/exchequer.html

The total tax haul for the year just finished was €31.75bn. That figure is €703m more than expected, but still €1.3bn, or 3.9%, below the comparable figure for 2009.

ei.sdraob

later10 wrote: »

From budgeted estimates in *2009*? Why? Why not estimates from back in 2007 as well? We're way down on that too.

All of the news are going on about "above expected" results.

I linked to the governments own publications which shows that in reality the income is in reality "bellow expected" figures.

The amount of bull**** in media today is incredible.

later12

But the economy contracted against the Government's expectations as they were in Q4 2009, nobody is denying that. The point is "expectations" must have a deriving limit. Why stop at 2009 expectations? Why not 2007, 2002, hell why not 1990, going by the outlook one might have had in 1990 we're doing great altogether.

These are not miracle results, they're positive rsults, but they are not in themselves a game changer. But I'll happily take more of the same nevertheless. I haven't heard the Irish media coverage of them but it's probable that they are being overly optimistic. Then again the other extreme as is presented here is just as daft.

ei.sdraob

later10 wrote: »

But the economy contracted against the Government's expectations as they were in Q4 2009, nobody is denying that. The point is "expectations" must have a deriving limit. Why stop at 2009 expectations? Why not 2007, 2002, hell why not 1990, going by the outlook one might have had in 1990 we're doing great altogether.

These are not miracle results, they're positive rsults, but they are not in themselves a game changer. But I'll happily take more of the same nevertheless. I haven't heard the Irish media coverage of them but it's probably they are being overly optimistic. Then again the other extreme as is presented here is just as daft.

Where else to stop but december 2009

* the government expected X for 2010
* the actual result was X-1.5bln
* at start of 2011 (now) the media (being fed spin from the govt) are going on about "above expected X for 2010"
* boardsies laugh (yet again) at the attempted doublespeak

ardmacha

* the government expected X for 2010
* the actual result was X-1.5bln

actually
the government expected X for 2010
the actual result was €703m more than expected

these are not miracle results, they are reasonable results.
Tax take fell in 2010, as it would given that the government cut expenditure. But income tax improved over the year, which is all that it is reasonable to expect.

Birdnuts

ei.sdraob wrote: »

The amount of bull**** in media today is incredible.

Yes - the Irish media are a particularly cretinous bunch, some of the commentary today on these figures was reminiscent of the worst BS from the Celtic Tiger "soft landing" days:rolleyes:


PS: Could someone explain "transfer pricing" to our estaiblishment

ei.sdraob

ardmacha wrote: »

actually
the government expected X for 2010
the actual result was €703m more than expected

Nope the documents are up on their servers for all to see, and I already linked to them earlier in post if you bother to check the linked documents from the govt

moi wrote:

The income is 1.5 billion down compared to last years income estimate from the govt.

35.9bln estimated income for 2010 vs 34.4bln actual income for 2010

yes yes very unexpected upswing, where can I buy one the latest edition of the DoubleSpeak Dictionary

~35.9 - ~34.5 = ~1.4 billion difference between their expectation in dec 2009 and the results we have now 13 months later

maninasia

johnnyskeleton wrote: »

The value of our exports (161) is greater than GDP (c. 160) i.e. the total value of all goods and services produced and consumed in the country during the year and much greater than GNP (c. 135) i.e. the total value of all goods and services produced and consumed within the domestic economy. And it is expected to grow to 171 while GDP and GDP are set to shrink further

Figure that one out.

He's right, you need to see a breakdown of the figures, never believe blanket figures. For instance why was there such a big rise in exports to Germany, what was that?

Atilathehun

maninasia wrote: »

He's right, you need to see a breakdown of the figures, never believe blanket figures. For instance why was there such a big rise in exports to Germany, what was that?

Joxer and a few of the lads went back to Stutgart, to revisit the scenes of past glories.
They filled the van with Bulmers and Denney's sausages, and a few other bits and pieces from the auls sod.
That explains the spike ain exports to Germany:D

mike65

Latest figures

http://www.irishtimes.com/newspaper/breaking/2011/0114/breaking32.html

Over the nine months, Irish exports rose by 4 per cent to €73.3 billion, and imports fell by 1 per cent to €37.1 billion, resulting in a €36.2 billion surplus. That was a rise of €3.2 billion compared to the same period in 2009.

Taxi Drivers

mike65 wrote: »

Latest figures

http://www.irishtimes.com/newspaper/breaking/2011/0114/breaking32.html

From what I saw here a lot of this record surplus was due to a fall in imports rather than an increase in exports. Since 70% of our exports are intermediate goods for production this is not a good thing.

mike65

imports fell by 1 per cent to €37.1 billion,

.

Taxi Drivers

mike65 wrote: »

.

Yes, that is the 2010 figure. But our trade balance for the first nine months has increased from €20.5 billion in 2007 to €33.0 billion in 2010. It is this jump to €33 billion that has pushed us up to second in the EU behind Germany.

In 2007 our exports were €67.2 billion. In 2010 our exports were 0.5% LOWER at €66.8 billion. It is not booming exports that has driven our trade surplus to records levels, though the most recently available monthly figures are looking a bit more promising.

maninasia

It's embarrassing stuff alright, but they are following the editorial line apart from some ignorance thrown in.
We need to see the details of the exports to understand what the figures mean.

southsiderosie

later10 wrote: »

From budgeted estimates in *2009*? Why? Why not estimates from back in 2007 as well? We're way down on that too.

Actually, you should go back and look at the 2007 budget and its estimates for future revenues. The government was over-reliant on consumption taxes for revenue, and acknowledged that the housing market was slowing down. Yet they STILL predicted 16.3% increase in revenue from 2007-2010 which, based on what they admitted they knew about the housing market, was farcical.

From a political spin perspective, I don't understand why the Irish government produced such wildly inflated figures - this only has the effect of setting expectations way too high (although anyone with any sense who read that budget knew it was b.s.).

Ultimately, the budget process for the last several years has been an exercise in spin, fantasy, and outright lies. The ECB knew it and smart investors knew it. Why these figures were not publicly disputed in a stronger fashion is beyond me. Therefore, I think people have every right to be cynical about both the media coverage of economic figures and about how positively we are supposed to view these numbers.

Finally, exports are all well and good, but the most important figures for Ireland are the employment numbers. When those start improving significantly (which will positively impact both revenues and expenditures) THEN I think people can get excited.

djpbarry

johnnyskeleton wrote: »

Source?

Quite a few companies in Ireland are hiring at the moment: Solas IT, AOL, Paddy Power, Citrix, Pharma-Bio Serve, Ipsus, Ergo, Pocket Kings and Google, among others.

maninasia

Like always it depends what business or industry you are in. IT and cloud computing is still growing worldwide, Ireland is doing well with that too.

ardmacha

Ireland’s trade surplus in November stayed above €4 billion for the third month in row, the Central Statistics Office said today.

The figures showed the value of exports for the month was up by 17 per cent compared with a year earlier, while imports rose by only 2 per cent.

Between October and November, however, seasonally adjusted exports and imports both showed a fall of 1 per cent.

Between January and October exports rose by 5 per cent to €74.7 billion compared with the same period in 2009. This rise was driven by an increase in exports of medical and pharmaceutical products, which grew by 15 per cent, and growth of 3 per cent in organic chemicals exports.

The rise was partly offset by a fall of 32 per cent in exports of computer equipment, while transport equipment fell by 70 per cent.

Overall, the value of goods Ireland exported to the US was up by 10 per cent, while German exports rose by 18 per cent.

The US, Belgium and Britain still accounted for the majority of the value of Irish exports.

In the same period, imports fell 0.4 per cent to €37.4 billion.

Minister for Trade and Commerce Billy Kelleher said he was pleased that the positive trend in the growth in exports over recent months has been maintained.

"This is an impressive performance by our exporters in what are extremely difficult trading circumstances globally and reflect our sharply improving competitiveness," he said.

"The Government’s strategy of investing in an export-led economic recovery has produced results and we must ensure that this strategy is maintained."

noodler

How do figures from the IEA compare to the figures the CSO release?

For merchandise trade the CSO only just released October's figures and for services in the Q4 we won't know until March with the release of the quarterly national accounts.

Are the IEA the source for the CSO or are they just an estimate?

Killer Pigeon

This is all a load of FF cobblewash.

maninasia

ardmacha wrote: »

Ireland’s trade surplus in November stayed above €4 billion for the third month in row, the Central Statistics Office said today.

The figures showed the value of exports for the month was up by 17 per cent compared with a year earlier, while imports rose by only 2 per cent.

Between October and November, however, seasonally adjusted exports and imports both showed a fall of 1 per cent.

Between January and October exports rose by 5 per cent to €74.7 billion compared with the same period in 2009. This rise was driven by an increase in exports of medical and pharmaceutical products, which grew by 15 per cent, and growth of 3 per cent in organic chemicals exports.

The rise was partly offset by a fall of 32 per cent in exports of computer equipment, while transport equipment fell by 70 per cent.

Overall, the value of goods Ireland exported to the US was up by 10 per cent, while German exports rose by 18 per cent.

The US, Belgium and Britain still accounted for the majority of the value of Irish exports.

In the same period, imports fell 0.4 per cent to €37.4 billion.

Minister for Trade and Commerce Billy Kelleher said he was pleased that the positive trend in the growth in exports over recent months has been maintained.

"This is an impressive performance by our exporters in what are extremely difficult trading circumstances globally and reflect our sharply improving competitiveness," he said.

"The Government’s strategy of investing in an export-led economic recovery has produced results and we must ensure that this strategy is maintained."

Why Belgium?

ardmacha

Why Belgium?

Perhaps we are exporting waffle!

More likely something in the pharma industry.
Britain is always an important partner and it is perhaps a bit concerning that the British economy is not going to thrive in the near future. Germany should continue to suck in Irish exports.

djpbarry

Killer Pigeon wrote: »

This is all a load of FF cobblewash.

I didn't realise FF were responsible for compiling statistics on such matters?

Taxi Drivers

Check out our two biggest exports sectors here (neat graphs):

The Chemical and Pharmaceutical Sector in Ireland

The Computer Services Sector in Ireland

This bit on Computer Facilities Management (?) at the end of the second piece made my eyes water a bit.

A sector that has seen exports rise by nearly €12 billion since 2005 (our total exports were €145 billion in 2009) has seen employment FALL from 11,000 in 2005 to 7,600 in 2009.