Exports by Enterprise Ireland backed companies rise to record level

Exports from Irish companies supported by Enterprise Ireland (EI) rose by 12pc to a record €27.29bn last year.

This marked the highest ever level of growth recorded by the state agency which helps Irish companies to grow and expand in international markets.

Exports from EI backed companies increased across all territories across the world. The UK now accounts for almost one-third of export trade reported by EI, with exports totalling €8.43bn last year.

This was a rise of 15pc from 2020 despite ongoing uncertainty following Brexit.

The Eurozone accounted for over one-fifth of export trade from EI supported companies in 2021, with exports to the region now standing at €6.04bn.

Exports to North America also grew by a total of 14pc last year to €4.87bn This market now accounts for 18pc of exports.

“While the UK remains our largest trading partner it is good to see that our strategy to grow exports in other key markets, especially the Eurozone, continues to pay dividends,” said chief executive Leo Clancy.

Food exports rose by 6pc to €12.91bn, accounting for 47pc of total exports.

EI reported strong growth across almost all sectors, with exports from Irish construction firms rising by a quarter to €2.89bn. Engineering sector exports were also up 14pc to €1.82bn.

“Enterprise Ireland clients contributed €31bn to the domestic economy last year in employment and in purchases of materials and services,” Mr Clancy added.

In the first half of this year, EI clients have recorded 561 new overseas contracts. 85pc of these are located outside the UK.

There was also a total of 199 new overseas presences, with 93 companies exporting to new markets.

However, the state agency has identified several challenges facing Irish companies in the month ahead as inflation and energy costs soar.

“While these positive results from 2021 are very encouraging in terms of a foundation for 2022, the resilience of our exporters is being challenged by inflation, supply chain challenges and skills availability,” said Mr Clancy.

Reporting: Irish Independent