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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 €32.1bn 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 €9.2bn. The UK now accounts for 29% of all exports by Enterprise Ireland backed companies.
Exports to the Eurozone increased by 28%, reaching €7.9bn.
Exports to North America increased by 13%, reaching €5.5bn. 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%.
The results were announced at the Enterprise Ireland summit which is taking place today at the RDS in Dublin where business leaders and key stakeholders met to discuss future opportunities for Irish enterprise.
Welcoming the results, the Minister for Enterprise, Trade and Employment, Simon Coveney, TD, said:
“The very positive results reported today by Enterprise Ireland are a testament to the resilience and vision in the Irish enterprise sector and the Government’s policy to assist Irish business in that vision.
“Irish business faced another challenging year in 2022, with energy costs, inflation and supply chain disruption impacting the trading environment. 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.
“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.”
Minister of State for Employment Affairs and Retail Business, Neale Richmond, TD, said,
“The Government is determined to continue to assist Irish companies to compete and win in international markets. It is important that Irish businesses are supported as they adapt to a rapidly changing economy, from the challenges posed by digitalisation to the reduction of emissions and the opportunities presented by a low-carbon global economy. Enterprise Ireland does such important work to guide businesses through these challenges and I look forward to working with them to benefit Irish businesses.”
The Enterprise Ireland Summit marks the 25th anniversary of the founding of the agency and a range of prominent contributors will reflect on that journey and look forward to the future opportunities for Irish enterprise.
Speakers include Prof Philip R. Lane, Executive Board member of the European Central Bank, Edmond Scanlon, CEO of Kerry Group, Dr. Patricia Scanlon of Soapbox Labs and Dan Flinter, first CEO of Enterprise Ireland.
According to Leo Clancy,
“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.
Today we are also unveiling a new brand identity for Enterprise Ireland that reflects our journey with Irish businesses and how we support them in winning in international markets and creating high-quality jobs in Ireland.”
Notes for editors:
Other key figures from the 2022 export results include:
Food and Sustainability sector highlights:
Industrial and Life Sciences sector highlights:
Technology and Services sector highlights:
Export results for other territories