Growing international trade could be challenging

The unprecedented turbulence in international markets due to Donald Trump’s trade tariffs mean that many Cork businesses predict that challenges in that area, according to a new survey.

41% of businesses predict challenges to growing their level of international trade this year, a survey of Cork Chamber members has found.

The Economic Trends survey, sponsored by PTSB, measured business sentiment and economic outlook among Cork Chamber members at the close of the first quarter of 2025, prior to the announcement of US tariffs. This edition of the survey also took a closer look at international trade and the sentiment of Cork businesses who trade on the global market.

The overall outlook for Cork businesses trading internationally was found to be relatively positive in early 2025, although 41% stated that challenges to international trade were expected.

Market uncertainty remains a concern, with 81% of responding businesses expressing some level of concern about geopolitical development and their potential impact on trade.

President of Cork Chamber Rob Horgan said: “Although the overall economic outlook remains largely positive, 81% of respondents expressed some concern regarding geopolitical developments and their potential impact on international trade.

“Ongoing uncertainty around international trade – particularly the prospect of US tariffs on Irish exports – was a source of concern for many in our business community at the time the survey was carried out.“That being said, Ireland continues to benefit from seamless trade links with our European partners as a member of the EU single market. The EU remains a key trading partner for Irish businesses, cited by 46% of respondents as the market they most frequently engage with. It is also encouraging to see that 96% of those trading within the EU experience no challenges when accessing the single market.”

Auriol Kelly, Business Banking Manager at PTSB welcomed the high levels of economic confidence: “Overall confidence in the Irish economy has remained high, with 74% expressing confidence about the overall economic outlook for the remainder of 2025 and 92% expressing confidence in the outlook for their own business. There was, however, an increase in concerns regarding the economic threat posed by rising business costs.

“It is reassuring to see such high levels of confidence about the economic outlook for Ireland, despite ongoing uncertainty at a global level. Continuing to engage with and support businesses in these uncertain times remains a priority as the international landscape evolves.”