A new report shows that Ireland’s food and drink sector held its ground last year, fortified by its steadfast partnership with the UK. Despite the challenges caused by Brexit, Ireland’s exports to its neighbour have not only weathered the storm but have emerged more resilient.
The Export Performance and Prospects report by Bord Bia paints a compelling picture of Ireland’s success, with €16.3bn (£14.1bn) in food, drink, and horticulture exports in 2023. The UK has solidified its role as the largest single destination, with an estimated €5.6bn (£4.8bn) in food and drink exports, constituting a 34% share of total exports.
This has been driven by a surge in Irish beef exports to the UK, reaching an estimated €1.3bn (£1.1bn) – a 10% value increase that elevates the UK market’s share to 47%, up from 44% in 2022.
Other Key Sector Increases
- Packaged Consumer Food (PCF) exports increased from €1.9bn (£1.6bn) in 2022 to €2bn(£1.6bn) in 2023.
- Drinks were valued at €336m, up from €283m in 2022, a percentage increase of 19%.
However, amidst the good news, the report notes that challenges persist. The impact of inflation, the cost-of-living crisis, and downward pressure on trade prices have resulted in a decline in export values across various sectors.
Key Sector Decreases
- Irish dairy exports were valued at €1bn (£860m) down from €1.2bn (£1bn) in 2022.
- Irish horticulture and cereal exports were valued at €273m (£233m) down from €281m (£241m) in 2022
Nevertheless, the industry remains undeterred, with 73% of Irish food and drink exporters expressing optimism for robust market growth in 2024.
Donal Denvir, Bord Bia’s Director UK, commented, “Despite market challenges, Ireland’s food and drink industry, bolstered by a strong UK partnership, continues to perform well. Our industry stands out as a resilient and unwavering source of food and drinks our UK partners continue to benefit from.”
