Enterprise Ireland said today exports from its client companies reached a record €34.57 billion in 2023, a new record for Irish exporters which are supported by the agency.
The agency said that Enterprise Ireland client companies spent €39.3 billion in the Irish economy last year, including €11.7 billion on payroll.
Enterprise Ireland said the UK, the largest export market for its client companies as it accounted for 29% of total exports, grew by 6% to €9.97 billion.
Food exports to the UK grew by 7% to €4.76 billion, while Industrial & Lifesciences exports increased by 3% to €3.25 billion and Technology and Services were up 8% to €1.96 billion last year.
Exports to the euro zone – the second largest export market for Enterprise Ireland client companies accounting for 25% of total exports – grew by 2% to €8.61 billion in 2023.
It noted that Food and Sustainability exports of €4.28 billion were down 6%, while Industrial and Lifesciences exports of €2.86 billion grew by 9%, and Technology and Services exports were up 19% to €1.47 billion.
Enterprise Ireland noted that the largest export markets in the euro zone are Germany, France and the Netherlands.
Exports to Germany increased by 14% to €2.33 billion last year, while exports to France were up 5% to €1.82 billion but exports to the Netherlands were down 13% to €1.75 billion.
Meanwhile, the third largest export market for Enterprise Ireland supported companies, accounting for 19% of total exports – was North America with exports to the region last year up by 5% to €6.48 billion.
Non-food exports to North America were up 8%, with Technology and Services growing by 8% to €2.95 billion and Industrial & Lifesciences exports increasing by 7% to €2.22 billion.
Enterprise Ireland said today by the end of 2023, it had surpassed its 2024 target of achieving a 10% increase in the number of companies achieving sales greater than €10m, €20m and €50m.
At the end of 2023, a year ahead of target, over 20% growth in each category had been achieved. were up 7% to €2.22 billion.
Leo Clancy, CEO of Enterprise Ireland, said that the results reflect the ambition and tenaciousness of Irish entrepreneurs, who with the support of Enterprise Ireland, are scaling internationally at an accelerated pace, with strong gains in key sectors, markets and sales growth by clients.
“Irish exporters have remained committed to investing in the UK, our largest trading partner, and the 6% growth in exports justifies that commitment,” he said.
“While the euro zone grew by a more modest 2% this can be largely attributed to food exports to the region being down by 6%. Technology, Industrial and Lifesciences exporters continue to thrive in North America, particularly the USA, with exports in these combined sectors up 8% to €5.17 billion,” Mr Clancy noted.
He said that Industrial, Lifesciences and Construction exports have surpassed €10 billion exports and reflective of the calibre of Irish software being produced, Enterprise Ireland would expect Technology and International Services exports will also reach that €10 billion milestone.
“Our mission is to accelerate Ireland’s economy with robust job growth and export gains worldwide. As we focus on business growth and expansion, sustainability, productivity and digitalisation will be high on our agenda,” he added.
The Minister for Enterprise, Trade and Employment Peter Burke said that across a variety of sectors and international markets, Irish exporters have made significant gains and continue to grow their influence internationally, despite a more challenging international business environment and rising costs.
“Irish exporters are a critical component of the Irish economy, and the Government is committed to supporting this sector to scale to further heights in the years ahead,” Mr Burke added.