{"id":53985,"date":"2019-03-14T09:51:03","date_gmt":"2019-03-14T09:51:03","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=53985"},"modified":"2019-03-14T09:51:03","modified_gmt":"2019-03-14T09:51:03","slug":"ireland-uk-import-spending","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/ireland-uk-import-spending\/53985\/","title":{"rendered":"Ireland\u2019s UK import spending eases as Brexit uncertainty grows"},"content":{"rendered":"

Ireland’s booming construction industry continues to ramp up imports from the UK but the speed of growth is dwindling, according to data published by Fexco Corporate Payments<\/a><\/h2>\n

The analysis, of more than 4,000 transactions made through Fexco Corporate Payments, reveals that in the 12 months to February this year Irish building<\/a> firms spent 17% more on UK goods and services than they did in the previous year.<\/p>\n

The number of transactions made increased by 7% and the average transaction size rose by 7.5%, from \u20ac4,902 to \u20ac5,269. The average purchase size is now two-thirds bigger (66.8%) than the \u20ac3,159 recorded in the 12 months prior to February 2017.<\/p>\n

While Irish builders continue to spend more, and more frequently, on imports from the UK, the spike in spending seen in the aftermath of the UK\u2019s 2016 Brexit vote<\/a> has eased. Total spending has risen by 128% in the past three years, but the 17% uptick recorded in the last year is less than a fifth of the scale of the 95% jump seen between the twelve months prior to February 2017 and the following year.<\/p>\n

Though the import boom is cooling, Ireland\u2019s construction industry remains strong. A recent survey of Irish building firms<\/a> by the building consultancy Aecom discovered more than three quarters expect their business to grow\u00a0in\u00a02019, and forecast that total output would increase by 20% over the year.<\/p>\n

By contrast, the UK construction industry is stagnating<\/a>. British government statistics show sector output rose by just 0.7% in 2018, the slowest pace for six years.<\/p>\n

David Lamb, head of dealing at Fexco Corporate Payments, commented: \u201cThe cooling of Irish builders\u2019 appetite for UK imports is likely to be driven by two factors; a modest strengthening of sterling \u2013 which has risen by 4% against the Euro since the start of 2019 \u2013 and a greater willingness to import materials from other EU countries.<\/p>\n

\u201cIf Britain leaves the EU without a trade deal, Irish imports of construction materials from the UK would be subject to WTO tariffs of up to 6%, so clearly it makes sense to investigate alternative supply chains.<\/p>\n

\u201cHowever the UK\u2019s proximity and the ease of buying from British suppliers means it remains the number one source of imports for Ireland\u2019s booming construction industry.<\/p>\n

\u201cEven with sterling\u2019s rally this year, a Euro is still worth 11% more against the Pound than it was on the eve of the UK\u2019s Brexit referendum, making British imports an attractive way to mitigate the cost pressure of rising wage bills at home.<\/p>\n

\u201cWith the UK Parliament taking a series of votes this week that will determine the course of Brexit, the exchange rate is likely to face extreme volatility, so Irish builders who import regularly from Britain should consider locking in\u00a0the\u00a0current\u00a0favourable exchange rate by using a forward contract.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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