Value of food exports falls €1bn

THE value of food and drink exports fell €1 billion last year, according to Bord Bia’s Export Performance and Prospects report published yesterday.

However, Bord Bia chief executive Aidan Cotter said the industry’s underlying performance, reflected in an estimated volume decline of just 3%, was impressive when set against the challenges posed by sterling and price deflation in the marketplace

“Sterling remains the single biggest issue for the industry,” he said, pointing out that in 2009, the depreciation of sterling is estimated to have reduced the value of exports to Britain by some €400 million.