Exports are predicted to slump by an unprecedented Ђ18.7 billion this year because of the strength of the euro, the Irish Exporters Association (IEA) has warned.
Trade with Britain, the Republic's largest market, is running 45 per cent below 2002 levels and will slow further unless the Government takes urgent steps to confront the economy's waning competitiveness, IEA president Mr Brian Ranalow told the organisation's annual general meeting yesterday.
Infrastructure deficits and high inflation needed to be addressed by the Cabinet before further damage was done, Mr Ranalow said. He added: "The full extent of the difficulties Irish exporters are facing and struggling to contain have not fully been appreciated.
"Exports for the year to date are running 20 per cent below last year and to our most important market, the UK, are down 45 per cent. Most exporters expect the depressed market conditions to continue in the second half of the year."
