Merchandise exports are forecast to grow by 6 per cent a year between 2016 and 2030, gradually helping to strengthen the overall Irish economy.

HSBC, in its new biannual Global Connections Trade Forecast, predicts that merchandise exports will start to grow from next year, taking off in 2016, with annual growth of 6 per cent forecast up to 2030.

Alan Duffy, managing director and Ireland head with HSBC Corporate Banking, said recent economic reforms had further improved export competitiveness.

“This will help Irish firms to benefit from the improving conditions in the UK and the USA, as well as supporting Irish companies in gaining market share from other more stressed euro zone economies,” he said.

Chemicals and pharmaceuticals will remain the main export sectors for Ireland, HSBC said in its new report, accounting for around 60 per cent of total merchandise exports.