Client's Of Enterprise Ireland Saw Record Export Sales In 2017, Up 7%
Enterprise Ireland has announced that its clients recorded export sales of €22.71 billion last year, a 7% increase on the previous year.
The state agency responsible for helping Irish companies export to international markets reported what was the highest level of export sales in its history, and it is also the eight-consecutive year of clients’ export growth.
Europe & The UK
Last year, the group’s clients achieved total sales of up to €44.4 billion, an 8% jump on 2016.
“These export figures by clients of Enterprise Ireland reflect the robustness and success of Irish companies across the globe, who are availing of State supports to be competitive, innovative and market-diversified,” said Heather Humphreys, Minister for Business, Enterprise and Innovation.
“While the Irish exporting landscape is strong and we are winning business worldwide, Brexit is the biggest challenge currently facing Irish business. Our officials in Enterprise Ireland are very focused on supporting clients to prepare for a hard Brexit and clearly this work is paying off, so I would urge any homegrown firm not currently tapping into this offering to consider doing so.”
Exports to the Eurozone, 20% of all Irish exports, saw a 9% growth to €4.61 billion. Enterprise Ireland supported 89 new Irish firms exporting to the Eurozone market.
Exports to the UK grew 4% to €7.62 billion, in what is Ireland’s largest market for exports, representing 34% of all exports.
“Irish companies are achieving international global sales at record levels, following consistent year-on-year growth for the past eight consecutive years,” said Julie Sinnamon, CEO, Enterprise Ireland.
“Our target is to achieve export sales of €26 billion per annum by 2020 and Enterprise Ireland is strategically focused on supporting clients to achieve this growth and a more diversified export market portfolio. The economic indicators are positive for continued growth, and we are working with the strongest cohort of companies ever, competing and winning in more diversified export markets than ever before.”
In addition to posting the export results, Enterprise Ireland also released findings from a recent Brexit survey of over 2,400 clients.
85% of respondents are found to already be taking action regarding Brexit preparations. According to the report, top measures include; diversifying their export markets, improving operational competitiveness, strengthening their business in the UK, developing strategic partnerships, improving financial management and investing in R&D.
53% of clients surveyed said that in 2018, Brexit would not change their ability and appetite to invest, while 65% said it would not change their employment plans.
“The UK market which is, and will remain, our largest market, performed well in 2017, delivering growth of 4%, despite the prevailing challenges, including volatility and uncertainty,” Julie Sinnamon added.
“We are working closely with UK dependent clients to help them to trade through the unpredictability and to protect hard-won market share in the UK."
Pat Breen, Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection, welcomed the strong global growth seen not only in the Eurozone and the UK.
“In addition to strong growth across the Eurozone and the UK, exports also performed strongly in other territories, with 7% growth in exports to the US and Canada to €3.96 billion, while exports to the Asia Pacific region grew by 9% to €1.97 billion,” he said.
“Today’s figures demonstrate the strong opportunities for international trade for ambitious Irish companies and that the efforts by Enterprise Ireland in encouraging companies to diversify their export markets and improve competitiveness is working.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.