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Enterprise Ireland reports record exports at €32.1 billion in 2022

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Enterprise Ireland reports record exports at €32.1 billion in 2022

Enterprise Ireland reports record exports at €32.1 billion in 2022
April 20
09:37 2023
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Enterprise Ireland, the state agency of the Department of Enterprise Trade and Employment responsible for helping Irish companies to enter and expand in international markets, saw exports by companies 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.

Exports to the Eurozone increased by 28% in 2022, with the Eurozone now representing 25% of all exports by Enterprise Ireland 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.

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%.

Welcoming the results, the Minister for Enterprise, Trade and Employment, Simon Coveney, TD, said: “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.”

Enterprise Ireland CEO Leo Clancy 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.

“Among the very positive aspects of this year’s export results is the 28% increase in exports to the Eurozone, with this region now representing 25% of client exports. 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.

“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.”

Leo Clancy added: “Scaling Irish businesses, focused on international growth will play an increasingly important role in job creation and economic progress in the coming years. As we reflect on a record year of export growth in Enterprise Ireland’s 25-year history, we also seek to drive the future enterprise agenda as Irish businesses adapt to increased digital adoption, the new low-carbon economy and the skills challenge.”

Other key figures from the 2022 export results include:

  • Total sales by companies supported by Enterprise Ireland (domestic and export sales) totalled €62.3bn
  • In 2022 Food exports account for 50% of total exports, with Non-food accounting for 50%

Food and Sustainability sector highlights:

  • Primary meats and food technology exports increased by 17% to €4.59bn
  • Dairy, Beverage & Food FDI exports increased by 28% to €9.312bn
  • Prepared consumer foods, seafood and horticulture exports increased by 11% to €1.91bn
  • Climate, sustainability and agritech exports increased by 12% to €364m

Industrial and Life Sciences sector highlights:

  • Engineering exports increased by 21% to €2.33bn
  • High tech construction & housing exports increased by 17% to €2.79bn
  • Life Sciences exports increased by 8% to €2.48bn
  • Materials, Print & Packaging exports increased by 6% to €0.92bn

Technology and Services sector highlights:

  • Retail, consumer and Online exports increased by 16% to €1.25bn
  • Fintech, financial and business services increased by 14% to €2.38bn
  • Digital tech sector increased by 23% to €2.57bn
  • International Education, Ed Tech and Professional Services increased by 21% to €1.17bn

Export results for other territories

  • Exports to Asia Pac, which were relatively flat in 2021, increased by 11% in 2022 to €2.36bn
  • Exports to Latin America continued to grow, albeit from a low base, and increased by 25% in 2022 to €325m
  • Exports to the Middle East, Africa and India increased by 13% to €1.59bn

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