Exports by Enterprise Ireland-backed companies soar to record levels

Exports from Irish companies supported by Enterprise Ireland (EI) rose 12 per cent last year to a record €27.29 billion.

This marked the highest level of growth ever recorded by the government agency, which helps Irish companies grow and expand in international markets.

Exports of EI-supported companies increased in all areas of the world. The UK now accounts for nearly a third of EI’s reported export trade, with exports totaling €8.43 billion last year.

This was a 15 percent increase from 2020 despite ongoing post-Brexit uncertainty.

The Eurozone accounted for over a fifth of the export trade of EI-backed companies in 2021, with exports to the region now totaling €6.04 billion.

Exports to North America also grew last year by a total of 14 percent to 4.87 billion euros. This market now accounts for 18 percent of exports.

“While the UK remains our largest trading partner, it is good to see our strategy of increasing exports to other key markets, particularly the eurozone, continuing to pay off,” said Chief Executive Leo Clancy.

Food exports rose 6 percent to 12.91 billion euros, accounting for 47 percent of total exports.

EI saw strong growth across almost all sectors, with Irish construction company exports up a quarter to €2.89 billion. Exports from the mechanical engineering sector also increased by 14% to €1.82 billion.

“Corporate customers from Ireland contributed €31 billion to the local economy last year in the form of employment and purchases of materials and services,” added Mr Clancy.

In the first half of this year, EI customers signed 561 new overseas contracts. 85 percent of these are outside the UK.

There were also a total of 199 new foreign presences, with 93 companies exporting to new markets.

However, the government agency has identified several challenges Irish businesses face in the coming month as inflation and energy costs soar.

“While these positive 2021 results are very encouraging in terms of having a baseline for 2022, inflation, supply chain challenges and the availability of skilled workers are challenging the resilience of our exporters,” Mr Clancy said.

https://www.independent.ie/business/irish/exports-by-enterprise-ireland-backed-companies-rise-to-record-level-41832564.html Exports by Enterprise Ireland-backed companies soar to record levels

Fry Electronics Team

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