Irish exports to the UK down 2% in 2016 as talk of Brexit continues.
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  • 3 years ago

Irish exports to the UK down 2% in 2016 as talk of Brexit continues.

The news comes with all the recent Brexit negotiations currently happening. Irish exports have, since the Brexit announcement, seen a significant slowing down of exports to the UK. This comes after the increase of UK exports by 12% in 2015.

The majority of decreased numbers is down to a drop in the number of food exports, mainly, this is according to figures based on Enterprise Ireland clients.

Although a decrease in the market was experienced last year, exports to the UK completed last year were worth over 7 billion euros to the sector, and the country’s economy.

It’s not all bad news as with the news of this decline, there has been news of further improvements on the global market. Global exports from Ireland increased by a massive 6%, which improved export incomes from global markets rose to €21.6 billion. Sales in the USA and Canada climbed by a staggering 19% to €3.7 billion euro over the same period.

Although Brexit may seem like worrying times, if the markets are to suggest anything, they suggest that as of recently Ireland are more than capable of surviving Brexit implications and restrictions. In fact, if anything all this talk of Brexit has enabled us to expand our markets to a more global audience and in turn has made us less reliant on the UK and its business.

For all those still concerned and worried for the future, there are plans in place and companies fighting for this sector. Enterprises Irelands Director for the UK and Northern Ireland, Marina Donohoe, said that “Trade between the UK and Ireland stands at €1bn, supporting over 200,000 jobs in each country.”

She added that (Enterprise Ireland) “are determined to uphold these strong trade relations going forward, helping Irish companies deepen their collaboration with the UK”.

Taoiseach Enda Kenny said Irish companies were left with little option but to explore and source new trading avenues in the face of all this uncertainty. He added that “Following the UK's decision to leave the EU the Government immediately acted to ensure our enterprise agencies had additional resources in order to offer all available assistance to our exporters to prepare for the challenges posed by Brexit."

Enterprise Ireland has said recently that they are targeting a 50% rise in exports to the eurozone by the year 2020. Should this in fact come true, maybe the talk of Brexit will be one of those things in the future where we look back and have a good old giggle. But until we know more we’ll just have to wait a little longer and see.

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