Fexco Corporate Payments

Irish construction firms' demand for UK imports eases

Annual expenditure by Irish building firms on UK goods and services has eased, with such spending increasing by just 17% in the 12 months to February, according to a recent survey.

Foreign exchange specialist Fexco Corporate Payments revealed that despite the initial post-EU referendum surge in demand for UK imports — such expenditure rose by 128% over the past three years — the pace of growth has now cooled.

Speaking ahead of tomorrow’s National Construction Summit in Dublin (14th March), David Lamb, head of dealing at Fexco Corporate Payments (pictured above), said: “The cooling of Irish builders’ appetite for UK imports is likely to be driven by two factors: a modest strengthening of sterling … and a greater willingness to import materials from other EU countries.

David added that if Britain left the EU without a trade deal, Irish imports of construction materials would be subject to “tariffs of up to 6%”. 

Therefore, according to David, “it makes sense to investigate alternative supply chains”.

“…Irish builders who import regularly from Britain should consider locking [into] the current favourable exchange rate by using a forward contract,” he concluded.

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