Business

Enterprise Ireland sees record year for client company exports

Agency says UK remains main export market despite Brexit

Leo Clancy, chief executive, Enterprise Ireland: Companies supported by agency had record year for exports

Peter Flanagan
Thu Jun 27 2024 - 16:08

Companies supported by Enterprise Ireland exported goods and services worth €34.6 billion last year, the highest level on record.

The State body, which supports indigenous businesses to grow internationally, said it has already topped its 2024 target of increasing the number of businesses with sales of more than €10 million, €20 million and €50 million by more than 10 per cent, it said in a statement.

“Today’s results reflect the ambition and tenaciousness of Irish entrepreneurs, who with the support of Enterprise Ireland’s team are scaling internationally at an accelerated pace, with strong gains in key sectors, markets and sales growth by clients,” agency chief executive Leo Clancy said.

The UK remains the largest export market for Enterprise Ireland clients, the agency said. Exports to that country account for about 29 per cent of all international sales at just under €10 billion. Sales to the UK rose 6 per cent last year, well ahead of the euro zone even after the UK left the EU.

READ MORE

“Irish exporters have remained committed to investing in the UK, our largest trading partner, and the 6 per cent growth in exports justifies that commitment,” said Mr Clancy. ‘While the euro zone grew by a more modest 2 per cent this can be largely attributed to food exports to the region being down by 6 per cent,” he said.

Germany, France and the Netherlands remain the biggest markets in the euro zone for Irish companies. Exports to Germany increased by 14 per cent to €2.3 billion while exports to France were up 5 per cent to €1.8 billion. Exports to the Netherlands were down 13 per cent to €1.75 billion.

While food and sustainability exports overall declined 4 per cent compared to a year earlier due to a slide in dairy prices, the sector remains the dominant one, accounting for more than half of all exports. Industrial and life sciences rose 7 per cent to €10.4 billion while technology and services exports rose 10 per cent to €8.5 billion.

Exports to North America accounted for almost a fifth of the overall total at €6.5 billion. Just under €6 billion of that went to the US. Non-food exports to North America were up 8 per cent while technology and services grew by the same rate to €2.95 billion. Industrial and life sciences exports were up 7 per cent to €2.22 billion.

Enterprise Ireland client companies spent €39.3 billion in the Irish economy in 2023, the agency said. That includes about €11.7 billion spent on payroll.

Peter Flanagan

Peter Flanagan

Peter Flanagan is an Assistant Business Editor at The Irish Times

LATEST STORIES