In a post-Covid recovery plan released this month, the Irish government revealed a 4% economic growth projection, property tax increases, and a push toward a greener Irish economy, but what did this plan have to say about Irish exports?
The plan suggested a positive outlook for exports, with Enterprise Ireland stating that Irish exporters are generally optimistic that growth of up to 8% can be achieved by the end of 2021 as economies around the world re-open. Despite the economic damage inflicted by the pandemic, Irish exports reached a record value of €160.8 billion, a 5% increase from 2019.
While there has been a substantial increase in the value of exports, Irish exporters are still facing financial and logistical issues with Brexit- goods to the UK from Ireland fell by 13% in the first quarter of 2021. The UK remains the largest importer of Irish goods, and account for 29% of exports at €7.51 billion, though it is likely that they will not keep this position for much longer.
Irish exports to Asia-Pacific and the United States remained relatively stable, only shrinking by 1% in the last year. The effects of the pandemic could only be seen with exports to Africa, India, and the Middle East, which contracted by 7% in the last year, resulting in a loss of €1.15 billion.
While Irish exporters have been able to navigate Brexit and Covid rather easily, Enterprise Ireland suggest that they still have a way to go in terms of digitalisation and sustainability. Irish exporters have proven that they are a robust group, and with support from the correct organisations, they will continue to grow in the exporting market.
To read the full publication of Ireland’s Economic Recovery Plan, follow this link: https://www.gov.ie/en/campaigns/709d1-economic-recovery-plan/
Exporting can be a lengthy process, and there are new risks involved as the world economy reopens, but the potential payoffs are strong. To find out more about how HMC can help your business begin or continue their export journey, contact us using the form below or email firstname.lastname@example.org