Export growth to UK slows from 12% to 2%

Enterprise Ireland has said export growth to the UK last year slowed to just 2% from 12% in 2015.

The agency said the slowdown was mainly due to a decline in food exports and showed the need for companies to diversify in the wake of Brexit.

Overall, exports from Ireland grew 6% in 2016, with the biggest growth markets being the US and Canada and Asia/Pacific regions.

Enterprise Ireland has today published a new strategy to assist Irish exporters increase business into the Eurozone by 50% by 2020.

Speaking at the launch of the Enterprise Ireland Annual Business Results and Eurozone strategy, An Taoiseach Enda Kenny said: "Just as the country was recovering from the double hit of the property bubble collapse and the global financial crisis, our biggest trading partner has decided to leave the EU which will have serious implications for Irish businesses, their employees, and the State itself.

"While we strongly disagree with the UK’s decision to leave the EU we nonetheless accepted it as the democratic wish of the UK electorate.

"The years ahead will be challenging, especially on foot of Brexit. It will require the best efforts of the Government and Irish businesses, supported by Enterprise Ireland, to lessen the risks as best we can.

"But we are ready. We will continue to be pro-active, adaptive and strategic in our approach. Through this new Eurozone Strategy we are demonstrating to everyone that Enterprise Ireland and the Government will fight hard on the front line to win for Irish business and our people."

KEYWORDS: Dublin Port

 

Join the conversation - comment here

House Rules for comments - FAQ - Important message for commenters


Most Read in Business

World Markets