Firms that trade across the Irish border report better profits and growth than those that do not

blank

Companies that export across the Irish border are more likely to be profitable and will expand almost twice as fast as companies that don’t.

The vast majority (78 percent) of companies that trade across borders describe themselves as profitable, compared with 51 percent of companies that only sell in one jurisdiction, a survey by InterTradeIreland group of companies found.

The second-quarter Business Monitor survey found that 41 percent of businesses that trade cross-border are enjoying rapid to moderate expansion, double the 21 percent of non-cross-border merchants.

“Despite the challenges faced by SMEs, cross-border trade on the whole remains remarkably resilient, with a higher percentage of companies exporting cross-border reporting profitability, growth and sales increases than their non-cross-border trading peers,” said Martin Robinson, Strategy Director of InterTradeIreland.

Data from the Central Statistics Office shows trade in goods between Ireland and Northern Ireland reached €7.65 billion in 2021.

Irish exports to Northern Ireland are up 42 per cent to just over £1.9 billion in the first five months of 2022 compared to the same period in 2021, while imports are up 23 per cent to around the same level.

Despite rampant inflation and instability due to the war in Ukraine and the ongoing pandemic, 83 per cent of businesses across Ireland say they are in stable or growth mode. In the first quarter it was 85 percent.

However, nearly twice as many companies in the leisure, hotel and hospitality sector (42 percent) are now seeing sales decline, compared to 23 percent in the first quarter.

Energy prices are the top issue for 86 percent of businesses, with overhead costs the top concern for 83 percent, a similar trend to the past six months.

Almost half of companies (46 per cent) say they are struggling to hire workers with the appropriate skills as Brexit and the pandemic have taken a back seat to business.

“As skills issues become a significant concern, we are starting to see companies looking at different ways to address shortages: for example, 35 percent have increased promotion, while 29 percent are retraining internally.

“Innovation through the use of digital technologies is another area that could help companies achieve efficiencies.”

https://www.independent.ie/business/brexit/firms-trading-across-irish-border-report-better-profits-growth-than-those-that-do-not-41912164.html Firms that trade across the Irish border report better profits and growth than those that do not

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button