Brexit Negatively Impacting Irish Firms, Still Experiencing Growth
42% of Irish firms that actively trade across the border have reported that Brexit has negatively impacted their sales.
This was revealed in InterTradeIreland’s third-quarter Business Monitor released earlier this month.
Despite this, however, the Business Monitor shows that trade has remained resilient over the past quarter, reflected by the number of companies continuing to grow (41%.)
The Monitor highlights the higher growth performance of exporters and cross-border traders despite challenges from Brexit and other areas.
Almost half of all firms that trade across the border are growing, it found, with 30% experiencing rapid growth in sales, compared to just 18% that do not export.
When asked about their business position, 44% of firms south of the border said that they are experiencing growth, with 46% claiming that their position is ‘stable’.
This is compared to 47% of firms reporting growth, and 39% reporting a stable position in the previous quarter.
Only 9% of firms reported a decline in sales, compared to 12% the previous quarter.
Respondents listed rising overhead costs, energy costs, new competitors, cash flow and recruiting as the main challenges facing them, which have continued to increase this quarter.
54% of SMEs reported issues with rising costs of overheads, while 41% of larger firms, with more than 50 employees, have reported skills shortages within their sector.
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