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.
Concerns regarding challenges to international trade
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.
Commenting on the results, 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.”
Overall economic confidence remains high
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.”
Mr Horgan concluded, “Although concerns regarding geopolitical developments are evident among Cork Chamber’s members, the overall economic sentiment remains largely positive as we look to Q2 2025. The results of this edition of the Economic Trends survey also show some concerns among businesses regarding domestic economic threats, such as specialist skills shortages. It is vital that we mitigate concerns like these as much as possible to maintain Ireland’s competitive edge as we face into potential economic headwinds internationally.”
Full results and previous quarterly economic survey results can be found on https://www.corkchamber.ie/quarterly-economic-trends/