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13/10/2008
No 'Recession' In Cross-Border Commerce
Despite 'recession' cross-border trade is said to be holding its own amid general business gloom.
The latest all-island Business Monitor survey of 1,000 companies confirmed that cross-border trade is not suffering the same decline as other areas of the economy.
The report said that the average company turnover accounted for by cross-border trade is actually up to 19.3%, from 16.8% in 2007, and that 40% of companies on the island are bolstering up their balance sheets by doing business in the other jurisdiction.
"The figures speak for themselves," said Liam Nellis, Chief Executive of InterTradeIreland, which commissions the survey.
"In difficult economic times, trading across the border can offer new markets, increased sales, and opportunities for innovation and expansion," he continued.
"Northern Ireland can increase the market for Southern companies by one-third, while Ireland offers companies in the North a huge new customer base. Each market presents opportunities the other cannot ignore."
However, the survey also revealed that flagging business confidence is causing concern for the future development of cross-border economic co-operation.
Less than a third of the firms questioned believe cross-border trade will increase in the next 12 months, less than half expect co-operation to develop in the next five years, and only one in four are currently planning to increase their cross-border business linkages.
Meanwhile, the survey shows that barriers to cross-border trade have changed dramatically, with currency fluctuation cited as the main concern, well ahead of concerns about political instability or the availability of business elsewhere.
Regarding general business confidence, 27% of the companies expect a 'severe adverse impact' from the 'credit crunch' over the next 12 months, compared to 13% six months ago.
Overall, 21% (down from 36%) expect turnover to increase in the next quarter; 20% (down from 31%) expect profitability to increase; and 8% (down from 13%) expect an increase in numbers employed.
(BMcC)
The latest all-island Business Monitor survey of 1,000 companies confirmed that cross-border trade is not suffering the same decline as other areas of the economy.
The report said that the average company turnover accounted for by cross-border trade is actually up to 19.3%, from 16.8% in 2007, and that 40% of companies on the island are bolstering up their balance sheets by doing business in the other jurisdiction.
"The figures speak for themselves," said Liam Nellis, Chief Executive of InterTradeIreland, which commissions the survey.
"In difficult economic times, trading across the border can offer new markets, increased sales, and opportunities for innovation and expansion," he continued.
"Northern Ireland can increase the market for Southern companies by one-third, while Ireland offers companies in the North a huge new customer base. Each market presents opportunities the other cannot ignore."
However, the survey also revealed that flagging business confidence is causing concern for the future development of cross-border economic co-operation.
Less than a third of the firms questioned believe cross-border trade will increase in the next 12 months, less than half expect co-operation to develop in the next five years, and only one in four are currently planning to increase their cross-border business linkages.
Meanwhile, the survey shows that barriers to cross-border trade have changed dramatically, with currency fluctuation cited as the main concern, well ahead of concerns about political instability or the availability of business elsewhere.
Regarding general business confidence, 27% of the companies expect a 'severe adverse impact' from the 'credit crunch' over the next 12 months, compared to 13% six months ago.
Overall, 21% (down from 36%) expect turnover to increase in the next quarter; 20% (down from 31%) expect profitability to increase; and 8% (down from 13%) expect an increase in numbers employed.
(BMcC)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
