Tuesday 22 August 2017

'Impact of Brexit on Irish companies already started' as export growth to UK slows considerably

Enterprise Ireland's chief executive Julie Sinnamon
Enterprise Ireland's chief executive Julie Sinnamon

Ellie Donnelly

Irish export growth to the UK was down considerably in 2016, new figures from Enterprise Ireland show.

Export growth to the UK was 2pc in 2016, accounting for €7.5bn of exports. However the figure for export growth to the UK in 2015 was 12pc.

Speaking at the launch of the Enterprise Ireland Euro Zone Market Strategy 2017-2020, Julie Sinnamon, ceo of Enterprise Ireland warned that Irish companies cannot afford to be complacent in the face of Brexit.

"The fact that the growth of exports to the UK has slowed suggests that the impact of Brexit on Irish companies has already started. Companies cannot afford to wait until the Brexit negotiations conclude," Sinnamon said.

Overall export sales from Enterprise Ireland companies rose 6pc in 2016 to €21.6bn.

"Following the UK's decision to leave the EU the Government immediately acted to ensure our Enterprise agencies had additional resources in order to offer all available assistance to our exporters to prepare for the challenges posed by Brexit," An Taoiseach Enda Kenny said.

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