Vol. 487 No. 7
225 Mr. Callely asked the Minister for Finance the value of Irish exports to the United Kingdom for each of the years 1996 and 1997; the likely complications, if any, as we approach EMU; and if he will make a statement on the matter. [5187/98]
Irish exports to the United Kingdom were valued at £7,465,480,000 in 1996 and at £6,997,683,000 in the first ten months of 1997. The figure for the first ten months of 1997 represents 24 per cent of total Irish exports, while 39 per cent of our exports were to potential EMU participants for the same period; the corresponding figures for the calendar year 1996 were almost 25 per cent and 40 per cent respectively. Irish exporters will benefit from the further development and integration of the Single Market which Economic and Monetary Union, (EMU), will represent; in EMU trade between EMU participants will not be affected by exchange rate movements as all participants will have the euro as their currency.
Exports to the United Kingdom, or inded any other country, are at any particular time affected by a number of factors, including competitive position, product advantage, price and exchange rate movements. These factors are likely to continue to affect Irish trade with the United Kingdom both before and after EMU begins.
In any case, it should be remembered that the study by the Economic and Social Research Institute entitled "Economic Implications for Ireland of EMU" concluded that irrespective of whether the United Kingdom joins or not, membership of EMU will on balance be of benefit to Ireland. This conclusion was supported by the National Economic and Social Council.
