Enterprise Ireland, a government organisation aiding native enterprises to expand globally, reported its highest ever export values totalling £34.6 billion last year. This achievement has also exceeded its 2024 goal of boosting the quantity of companies with sales surpassing €10 million, €20 million, and €50 million by over 10%.
Key industries, worldwide markets and sales growth contributed significantly to this outcome, evidencing the resolve and ambitions of Irish entrepreneurs, enhanced by the assistance of team Enterprise Ireland, according to Leo Clancy, the CEO. The United Kingdom continues to be the principal export market for Enterprise Ireland-supported firms, accounting for nearly 29% of all foreign sales, an amount just shy of €10 billion.
Despite Britain’s departure from the European Union, sales in the UK saw a 6% increase last year, substantially outpacing growth in the Eurozone. Mr. Clancy applauded Irish exporters for continuous investment in the UK, the nation’s primary trade partner, noting that the 6% export growth affirms their commitment.
Mr. Clancy recognised that while the euro zone grew merely 2%, due largely to food exports to the region falling by 6%, Germany, France, and the Netherlands constitute the largest Eurozone markets for Irish businesses. Exports to Germany leaped 14% to €2.3 billion, while France saw a 5% hike to €1.8 billion. Conversely, the Netherlands experienced a decrease of 13% bringing in €1.75 billion.
While there was a 4% slump in food and sustainability exports because of lowering dairy prices, the sector is still the largest, constituting over fifty per cent of all exports. Industrial and life sciences saw a 7% upturn to €10.4 billion, while technology and services exports climbed 10% to €8.5 billion.
Nearly 20% of the full total, or €6.5 billion, were exports to North America, with just under €6 billion heading to the United States. Non-food exports to North America experienced an 8% increase while technology and services grew at the same pace to €2.95 billion. Industrial and life science exports rose by 7% to €2.22 billion.
In 2023, companies under the umbrella of Enterprise Ireland injected €39.3 billion into the Irish economy, as per the data released by the agency. This substantial amount included payroll expenses approximating to €11.7 billion.