Irish food and drink exports reached record high €11.15 billion
Staff Writer |
Minister for Agriculture, Food and the Marine, Michael Creed TD, said that the value of Irish agri-food and drink exports had exceeded €11 billion for the first time ever in 2016.
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Speaking at the launch of Bord Bia’s Export Performance and Prospects 2016-2017 report, the Minister said: "2016 marked the 7th successive year of growth of Irish food and drink exports, with a further 2% increase recorded to reach a record high of €11.15 billion, an expansion of 41% or €3.3 billion since 2010.
"The strongest performing sectors last year were prepared foods (€1.92 billion, +9%), beverages (€1.4 billion, +4%) and dairy product and ingredients (€3.38 billion, +2%)."
Meanwhile a welcome recovery was also seen in continental EU markets (+3% to reach €3.53 billion) as improving economic conditions led to stronger demand in key categories.
The euro strengthened by 13% against sterling in 2016 while there was little change in exchange rates with the U.S. dollar.
According to Bord Bia estimates, the underlying weakness and volatility of sterling negatively affected the competitiveness of Irish exports reducing the value of trade by a potential €570 million.
The strongest performers in terms of export growth in 2016 were prepared foods, sheepmeat, beverages, pigmeat and to a lesser extent dairy. Weaker prices negatively affected the value of beef and edible horticulture exports while lower volumes affected seafood exports.
Livestock exports declined in value terms largely due to a significant reduction in live cattle shipments, while poultry exports recorded a significant decrease due to both reduced prices and lower volumes. ■
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