Enterprise Ireland has reported that exports grew 19% across all regions, with exports to the Eurozone increasing by 28%.
The latest export figures were released as Enterprise Ireland marks 25 years assisting Irish companies enter and grow in international markets.
The €32.1bn milestone is the highest ever level of growth for Enterprise Ireland-backed companies in export value. Growth occurred across all overseas regions and in individual industry sectors.
“This is due to Ireland’s hard-won reputation for quality, service and innovation”
Exports to the Eurozone increased by 28% in 2022 to €7.9bn, with the Eurozone now representing 25% of all exports by Enterprise Ireland backed companies.
Expansion in trade with the Eurozone has taken place in tandem with strong Irish exports to the UK post-Brexit.
Exports to North America increased by 13%, reaching €5.5bn. North America now accounts for 17% of all exports by Enterprise Ireland backed companies.
Innovation and ambition
Enterprise Ireland CEO Leo Clancy
“These are significant exports results and reflect the incredible innovation and ambition of the Irish enterprise sector,” said Enterprise Ireland CEO Leo Clancy.
“While the record 19% year-on-year increase in exports is influenced by inflation in certain sectors, most notably in the dairy industry, the results released today demonstrate the continued strength of Irish products and services in international markets. This is due to Ireland’s hard-won reputation for quality, service and innovation.
“Among the very positive aspects of this year’s export results is the 28% increase in exports to the Eurozone, with this region now representing 25% of client exports. In recent years Enterprise Ireland initiatives have focused on assisting companies to diversify their export markets, with a particular focus on growth in the Eurozone.
“Looking ahead we are very conscious of the current and emerging uncertainties for business in global markets. We are working with clients to help them anticipate and transform their business models to address areas such as sustainability, financing and skills.”
Increases in exports were recorded across all sectors with Food and Sustainability increasing by 23%, Technology and Services increasing by 18% and Industrial and Life Sciences increasing by 14%.
“Irish business faced another challenging year in 2022, with energy costs, inflation and supply chain disruption impacting the trading environment,” said the Minister for Enterprise, Trade and Employment Simon Coveney, TD.
“However, with a record €32bn in export sales, Irish business has demonstrated its ability to absorb global economic disruption and continue to compete and win in international markets.
“Regional growth is a major pillar of my Department’s strategy to support our economy. Enterprise Ireland-backed companies now employ more than 218,000 people in every region and county in Ireland. The record export sales which show a 19% year-on-year increase in export value and increased employment is proof that our enterprise policy is working well.”