Irish exporters are optimistic about growing their overseas presence, despite headwinds

Over 60% of survey participants said their main priority over the next year is increasing their overseas market presence. Picture: David Creedon

Irish exporters remain optimistic about entering new international markets in the next year, despite ongoing economic headwinds, a new survey found.

A survey of Enterprise Ireland companies found that 84% of respondents plan on entering new markets while 91% said they expect their exports to increase in the next year.

“So far in 2022, we have seen our clients win a total of 882 new contracts and establish 325 overseas presences during challenging economic conditions,” said Leo Clancy, CEO of Enterprise Ireland.

Ongoing inflation, supply chain issues, soaring energy costs, and talent shortages continue to put pressure on businesses. However, 59% of respondents said their export sales have increased so far this year when compared to last year, and 32% said they have remained stable.

“It’s vital that the current inflationary pressures, especially increases in energy costs, don’t derail that recovery and we continue to support and grow employment opportunities across all regions,” said Mr Clancy.

Over 60% of survey participants said their main priority over the next year is increasing their overseas market presence. North America is a key market for many exporters, followed by Europe and the UK.

“The business optimism is a credit to the innovation and flexibility of Irish exporters who have overcome a range of obstacles in recent times including, Brexit and Covid-19 and are now facing a range of trading challenges in response to the uncertainty surrounding the war in Ukraine,” said Mr Clancy.

The survey was conducted ahead of Enterprise Ireland Market Advisors at International Markets Week, where 600 client companies are set to take part in 1,800 export focused one-to-one engagements.

Over 130 advisors from 40 Enterprise Ireland overseas offices are attending the annual exporting event. The event is being held in person for the first time since 2019 due to Covid-19.