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- Export growth set to resume in 2010
Irish food and drink exports declined by 12 per cent last year, or by just under €1 billion, to stand at €7.12 billion. However, according to the report, export values are now beginning to stabilise and Bord Bia predicts some recovery in the year ahead. “The prospects for 2010 point to a return to growth for Ireland’s food sector,” according to Dan Browne, Chairman, Bord Bia. “The potential for stronger export revenues from the key dairy and meat sectors, and investments by prepared food companies to broaden their market presence on the Continent, will help exports as 2010 progresses. However, developments in sterling and consumer sentiment remain critical.”
The UK remained Ireland’s principal export destination in 2009 with sales valued at just under €3.1 billion, a decrease of 15 per cent compared to 2008 figures. Despite this, the market still accounted for 44 per cent of Ireland’s food and drink exports although its share of trade came under pressure as the year progressed, dropping from 48 per cent in January to approximately 43 per cent by late 2009.
The share of exports destined for other EU markets increased to 34 per cent in 2009, from 32 in 2008, helped by a higher share of beef exports destined for the Continent, together with a stronger focus on the region by prepared foods manufacturers. The value of trade to International markets was adversely affected for much of the year by the weaker global dairy market.
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