In research conducted by Insight Statistical Consulting, Enterprise Ireland client company exports increased by 6% to a record €23.8 billion in 2018. Exports to the UK grew by 4% and overall concentration of exports to UK has reduced.
Minister for Business, Enterprise and Innovation, Heather Humphreys TD, and Enterprise Ireland, the state agency responsible for helping Irish companies export to international markets, have announced that the agency’s clients recorded export sales of €23.8bn in 2018, representing a 6 percent increase on 2017.
The Eurozone region, which is a key focus of Enterprise Ireland’s diversification strategy, saw growth of 7.6 percent to €4.8bn, with Germany, France and the Netherlands each exceeding €1bn in exports. Exports to North America increased from €3.87bn in 2017 to €4.08bn in 2018, an increase of 5.5 percent.
Despite the uncertainty of Brexit, exports to the UK were up 4 percent when compared with 2017 to €7.9bn. The overall dependency of Irish exporters to the UK, however, declined to 33 percent, a target Enterprise Ireland has set for 2020.
The construction sector recorded the fastest growth up 22 percent on 2017 to €1.97bn. Other sectors driving export growth in 2018 were:
- Fintech grew by 17 percent to €829m;
- Engineering grew by 9 percent to €1.6bn;
- Digital technologies grew by 6 percent to €2.2bn and;
- Food grew 1 percent to €11.68bn.