Enterprise Ireland clients saw their exports reach a record high value of €34.57bn during 2023, driven by a 10% increase in the technology and services sector, the agency’s latest annual review shows.
According to the agency, the total exports in the technology and services sector grew to just shy of €8.5bn, while exports from the industrial and life sciences sector were up by 7% to €10.4bn.
However, there was a noted drop of 4% in food and sustainability exports, which were down by 4% to €15.6bn. This was largely down to the impacted by international dairy sales and prices, Enterprise Ireland said.
Chief executive of Enterprise Ireland Leo Clancy said despite the impact of Brexit, Irish exports remained committed to investing in the UK.
The UK remains the largest export market for Enterprise Ireland client companies, accounting for 29% of total exports. This area grew by 6% in 2023 to nearly €10bn.
Food exports to the UK grew by 7% to €4.76bn, while industrial life sciences exports grew 3% to €3.25bn, with technology and services up 8% to €1.96bn.
Exports to the eurozone accounted for 25% of total exports, with the largest markets within the bloc being Germany, France and the Netherlands.
Exports to Germany increased by 14% to €2.33bn, while exports to France were up 5% to €1.82bn. Exports to the Netherlands were down 13% to €1.75bn.
“While the eurozone grew by a more modest 2%, this can be largely attributed to food exports to the region being down by 6%. Technology, industrial and life sciences exporters continue to thrive in North America, particularly the USA,” Mr Clancy said.
North America accounted for 19% of all exports, with the value of these exports rising 5% to €6.5bn.
Enterprise Ireland said its clients spent nearly €40bn in the Irish economy last year, with €11.7bn going on payroll. They employ more than 225,000 people.
The agency added that during 2023, it had already surpassed its 2024 target of 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, more than 20% growth in each category had been achieved.
“Our mission is to accelerate Ireland’s economy with robust job growth and export gains worldwide,” Mr Clancy said.