Trade between the UK and Ireland has grown in overall terms, despite difficulty presented by Brexit and the weaker Pound sterling.
According to the Republic of Ireland's Export Performance and Prospects 2017-2018 report, 2017 marked the 8th successive year of growth for total Irish agri-food exports to reach a record of €13.5 billion, with the UK as its main market.
The UK remains Ireland’s key export market accounting for 35 percent of total exports with sales increasing for the year by 7 percent to over €4.5bn.
However, the share of exports to the UK has continued to fall despite the topline growth figure; the market share for exports to the UK is now estimated at 35 percent – down two points on last year.
According to the Bord Bia, the Irish Food and Drink board report, last year’s export performance was driven by a surge in dairy exports to over €4bn (+19 percent), now one third of all food and drink exports.
On a cautionary note, Bord Bia CEO Tara McCarthy said: “Sterling volatility, combined with slower economic growth, food inflation and lower wage forecasts, will put further pressure on the UK market as an export destination.
“While the UK remains our most important market, these prospects provide an additional incentive for Irish exporters to explore new markets within the EU26 and beyond.”
