According to the latest Bord Bia Export Performance and Prospects Report, a the 4% rise in Irish exports is due to strong demands from key international markets.
Commenting on the report, which was issued this morning, Aidan Cotter, Chief Executive, Bord Bia said, "the industry's drive to broaden export reach outside of the EU is paying dividends with growth in emerging and international markets now driving export figures."
EU exports rose by 2% to €3.3 billion, accounting for 31% of total exports. Unsurprisingly, the UK market remains the strongest single market, the total value showing little change at €4.2 billion (40% of all exports). Weaker performances of the beef and dairy categories was offset by strong beverages, poultry and prepared foods exports.
However, trade limitations with Russia, along with a diminishing rouble saw exports to the region drop by 30%, or €170 million in 2014. Bord Bia, said that while the abolition of milk quotas in April 2015 is expected to lead to an increase in milk output of more than 10% for the year, the current weakness of global dairy markets is negatively impacting on price levels and recent forecasts from Rabobank suggest this trend will persist well into 2015.
It added that the prepared foods and beverages sectors both face competitive market environments, while the export outlook for the seafood sector will depend on product supply. Minister for Agriculture, Food and Marine Simon Coveney said: "since 2009 food and beverage exports have increased by 45% compared to Irish merchandise exports, which are 5% higher."
© 2014 - Checkout Magazine by Robert Moloney