Enterprise Ireland has reported that it saw exports by companies that it supports increase by 19% to a record €32.1 billion in 2022.
This is the highest ever level of growth for Enterprise Ireland-backed companies in export value.
Growth occurred across all overseas regions and in individual industry sectors.
Commenting, Leo Clancy, Enterprise Ireland, CEO, said, “These are significant exports results and reflect the incredible innovation and ambition of the Irish enterprise sector.
"While the record 19% year-on-year increase in exports is influenced by inflation in certain sectors, most notably in the dairy industry, the results released today demonstrate the continued strength of Irish products and services in international markets.
"This is due to Ireland’s hard-won reputation for quality, service and innovation."
Eurozone Exports
According to the Enterprise Ireland report, exports to the Eurozone increased by 28% in 2022, with the Eurozone now representing 25% of all exports by the state agency backed companies.
Expansion in trade with the Eurozone has taken place in tandem with strong Irish exports to the UK post-Brexit.
Exports to the UK increased by 13%, reaching €9.2 billion.
The UK now accounts for 29% of all exports by Enterprise Ireland backed companies.
Exports to the Eurozone increased by 28%, reaching €7.9 billion.
Exports to North America increased by 13%, reaching €5.5 billion.
North America now accounts for 17% of all exports by Enterprise Ireland backed companies, the report showed.
Increases in exports were recorded across all sectors with Food and Sustainability increasing by 23%, Technology and Services increasing by 18% and Industrial and Life Sciences increasing by 14%.
"In recent years Enterprise Ireland initiatives have focused on assisting companies to diversify their export markets, with a particular focus on growth in the Eurozone," Clancy added.
“Looking ahead we are very conscious of the current and emerging uncertainties for business in global markets. We are working with clients to help them anticipate and transform their business models to address areas such as sustainability, financing and skills.”
Enterprise Ireland Summit
The results were announced at the Enterprise Ireland summit which is taking place today (19 April) at the RDS in Dublin where business leaders and key stakeholders met to discuss future opportunities for Irish enterprise.
Welcoming the results, the Minister for Enterprise, Trade and Employment, Simon Coveney, TD, said, “The very positive results reported today by Enterprise Ireland are a testament to the resilience and vision in the Irish enterprise sector and the Government’s policy to assist Irish business in that vision.
“Irish business faced another challenging year in 2022, with energy costs, inflation and supply chain disruption impacting the trading environment. However, with a record €32 billion in export sales, Irish business has demonstrated its ability to absorb global economic disruption and continue to compete and win in international markets.
“Regional growth is a major pillar of my Department’s strategy to support our economy. Enterprise Ireland-backed companies now employ more than 218,000 people in every region and county in Ireland. The record export sales which show a 19% year-on-year increase in export value and increased employment is proof that our enterprise policy is working well.”
The Enterprise Ireland Summit marks the 25th anniversary of the founding of the agency.
Speakers include Prof Philip R. Lane, Executive Board member of the European Central Bank, Edmond Scanlon, CEO of Kerry Group, Dr. Patricia Scanlon of Soapbox Labs and Dan Flinter, first CEO of Enterprise Ireland.
Read More: Exports By Enterprise Ireland Supported Companies Increased By 12% In 2021
© 2023 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more supply chain news, click here. Click subscribe to sign up for the Checkout print edition.
