Inflation and trade expansion drives up value of Enterprise Ireland exports to reach a record €32.1bn

Total sales by companies supported by Enterprise Ireland, including domestic and export sales, rose to €62.3bn. Picture David Creedon

Exports by Enterprise Ireland client companies reached a record €32.1bn last year, driven by inflation fuelled prices and an expansion in eurozone trade as part of the State agency’s post-Brexit strategy.

Food products accounted for 50% of exports from Enterprise Ireland companies last year, which can be attributed to increasing unit prices following high inflation levels.

Exports to the eurozone increased by 28% to €7.9bn, with the region now representing 25% of all exports by Enterprise Ireland backed companies. 

Overall, year-on-year growth in exports climbed 19%.

“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,” said Enterprise Ireland CEO Leo Clancy.

Growth occurred across all overseas regions and in individual industry sectors, said Enterprise Ireland.

It said that it continues to expand trade in the UK, Ireland’s neighbouring market, as exports there jumped 13%, reaching €9.2bn. The UK now accounts for 29% of all exports by Enterprise Ireland backed companies.

Meanwhile, exports to North America increased by 13%, reaching €5.5bn. North America now accounts for 17% of all exports by Enterprise Ireland client companies.

“Looking ahead we are very conscious of the current and emerging uncertainties for business in global markets,” said Mr Clancy.

“We are working with clients to help them anticipate and transform their business models to address areas such as sustainability, financing and skills,” he continued.

Total sales by companies supported by Enterprise Ireland, including domestic and export sales, rose to €62.3bn.

In addition to a rise in food exports, the industrial and life sciences sector also recorded a jump. For example, high tech construction and housing exports increased by 17% to €2.79bn.

Retail, consumer and online exports increased by 16% to €1.25bn as well.

“Irish business faced another challenging year in 2022, with energy costs, inflation and supply chain disruption impacting the trading environment,” said Minister for Enterprise Trade and Employment Simon Coveney.

“However, with a record €32bn in export sales, Irish business has demonstrated its ability to absorb global economic disruption and continue to compete and win in international markets,” he said.