Above: (L-R) Andrew McCrory, Financial Director with Glenhill Merchants; Sandra Scannell, Programmes & Operations Director at NI Chamber of Commerce and Brian Telford, Head of Markets at Danske Bank.

Identifying and understanding foreign currency risk, exploring possible solutions and developing a risk management strategy were the key issues addressed at the latest Northern Ireland Chamber of Commerce ‘Danske Bank Export First’ event which took place this morning in the Fitzwilliam Hotel.

The event, attended by over 60 businesses, was held as a direct response to the last Northern Ireland Chamber of Commerce Quarterly Economic Survey (QES) which identified managing currency fluctuations as one of the biggest challenges facing current exporters. The survey found that 53 per cent of those questioned said managing currency volatility in international markets was either ‘very challenging’ or ‘quite challenging’.

Following the event, Sandra Scannell, Programmes and Operations Director at Northern Ireland Chamber of Commerce said:

“This morning’s event provided businesses with information and practical advice on how to reduce the impact of currency fluctuations on their business.

Businesses fear that sudden currency shifts could mean the difference between trading at a profit and a loss, and such concern may inhibit smaller companies from exploring and exploiting the opportunities that are continuing to develop today in global markets including China, India, Brazil, Russia and South Africa.

Northern Ireland Chamber of Commerce and Danske Bank are committed to measures that will lead to faster growth in exports as a route to greater prosperity, a key theme in the Executive’s Programme for Government. Therefore addressing these issues and providing businesses with steps to overcome these barriers is essential.”

Brian Telford, Head of Markets at Danske Bank said:

“The concern over currency volatility won’t come as much of a surprise to most observers who will be only too aware of the fluctuations that have been a feature in most international markets because of economic conditions over the past few years.

Businesses are certainly right to be cautious, but managers should not allow currency concerns to inhibit growth abroad. Hedging against currency fluctuations is a fairly straightforward operation and should form part of any company’s export strategy.

There’s plenty of expert help and advice readily available from local banks to assist with this. Danske Bank, for example, has a wealth of knowledge and measures, to help local companies to manage foreign currency and to hedge against any risks, perceived or real.”

Attendees were also given the opportunity to hear the foreign currency experiences of Glenhill Merchants.

The Danske Bank Export First programme is an initiative of the Northern Ireland Chamber of Commerce and seeks to inspire innovative, creative and international business through thought leadership and skills development.