Brexit has cost 1 in 10 Irish exporters more than €100k so far
An Enterprise Ireland survey has found that Brexit has cost one in ten Irish exporters more than €100,000 to date. Almost 5% of companies have said Brexit has cost their business more than €250,000.
One third of the Enterprise Ireland client companies who were surveyed cited currency fluctuations as their primary Brexit concern.
Other concerns highlighted were tarriffs (22%), supply chain disruption (16%) Brexit outcome uncertainty (15%).
CEO of Enterprise Ireland Julie Sinnamon said: "Our research shows that Irish exporters are already feeling the negative impacts of Brexit through their profit margins. We have consistently said that the wait and see approach is not an option and client companies are heeding this advice. In 2018, 945 new overseas customers were secured by clients with the support of Enterprise Ireland.
This represented a 23% increase on the 770 new overseas customers recorded in 2017. Overall, Enterprise Ireland client companies have opened 275 new overseas presences in the first six months of 2019.
More than four out of five businesses identified the Eurozone as the market they are planning to expand into next year, with 83% listing the size and growth potential of the Eurozone as the potential key factor.
Speaking at the International Markets Week today, Business Minister Heather Humphreys said: "The Eurozone offers a potential customer base of over 340 million people, and has the advantage of having no currency volatility, no trade barriers and full regulatory alignment.”
Ms Sinnamon added: "As we draw ever closer to the potential of a hard Brexit, businesses must continue to find new markets and to innovate their products and services. In the first six months of 2019, over 200 client companies had significant Eurozone market engagement with 57 Irish companies establishing a new market presence in the Eurozone so far this year, almost double the amount compared to this time last year.
"Our continued priority is to ensure that Irish exporters prepare for a hard Brexit, and to take action now. This will be good for their businesses, irrespective of the outcome of the negotiations.”
