Richard Bruton (Dublin Bay North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

58. To ask the Minister for Enterprise, Trade and Employment if the exports of Irish-owned companies are being successfully diversified; and if he will make a statement on the matter. [53403/22]

Dara Calleary (Mayo, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The Central Statistics Office compiles statistical data in relation to Goods Exports and Imports. CSO statistics confirm that Ireland has experienced remarkable trade growth in recent years with exports growing from €233 billion in 2015 to €451 billion in 2021. In 2021, Ireland’s global trade reached its highest ever value of €842 billion, comprising €451 billion in total Exports (Goods and Services) and €391 billion in total Imports (Goods and Services). The EU as a bloc was the destination for €61 billion or 37% of Ireland’s total Goods Exports in 2021. The US continues to be Ireland’s biggest single goods export market, accounting for almost 32% of total Goods exports in 2021. Exports to Great Britain accounted for 9% of total exports in 2021.

There are ongoing challenges to Irish-owned companies due to the effects of the war in Ukraine, instability in financial markets, Brexit, inflation, climate change and digitalisation. Therefore, market and sectoral diversification remains critical to the sustainable growth of Irish owned companies.

Diversification has been a key focus of Enterprise Ireland’s work in recent years, and considerable progress is being made on the market and sectoral diversification of Irish-owned enterprises. In 2021 Enterprise Ireland saw exports by Irish owned companies it supports increase by 12% to a record €27.29bn. This is the highest ever level of growth for Enterprise Ireland-backed companies in export value and growth was experienced across all territories. Exports by EI client companies to the Eurozone increased by 10% last year, totalling €6.04bn and accounting for over one-fifth (22%) of total exports. The next largest market was North America, which saw a 14% increase, bringing total exports to €4.87bn and this market now accounts for 18% of total exports from EI supported companies. Despite the uncertainty caused by the changed trading relationship between the UK and Ireland, exports by EI client companies to this market totalled €8.43bn. This was a rise of 15% with the UK accounting for almost one-third (31%) of the export trade of EI client companies.

As well as the global efforts supported by our agencies, key to our success in growing exports has been our commitment to trade liberalisation in order to open new markets for our indigenous sectors. With a small domestic market, further expansion in other markets is essential to our continued economic growth and, in this regard, Ireland will continue to support the EU’s ambitious programme of negotiating new Free Trade Agreements, opening new markets for Irish companies and increasing export and investment opportunities.