The value of Irish food and drink exports increased by 12% to reach an all-time high of €8.85 billion in 2011, reveal Bord Bia figures
Jan 16 2012
Bord Bia chairman Michael Carey and CEO Aidan Cotter examine the food board’s new report which shows the value of Irish food and drink exports increased by 12% in 2011
According to new figures released by Bord Bia, the value of Irish food and drink exports increased by 12%, or €1 billion, in 2011 to reach an all-time high of €8.85 billion. For the first nine months of the year, food and drink exports increased at three times the rate of total merchandise exports. As a result the sector accounted for 25% of the rise in total export revenue. Over the last two years, the value of Irish food and drink exports has increased by €1.8 billion.
Commenting on the figures, Michael Carey, chairman of Bord Bia said: “This is an excellent achievement and the industry is to be commended for its strong export performance, which affirms its positioning at the heart of the Irish economy. Global market conditions, reflected in strong commodity prices, remain favourable and exporters are voicing continued optimism about their business prospects for the year ahead. The industry is well on track to deliver on the ambitious targets of Food Harvest 2020.”
A number of key sectors - including dairy, beverages and pigmeat - recorded higher output. Overall, it is estimated that volume growth accounted for 25% of the rise in food and drink exports. The strongest performing categories were dairy (€2.6 billion), meat (€2.59 billion), prepared foods (€1.5 billion) and seafood (€420 million).
Bord Bia chief executive Aidan Cotter also noted that exports to Asia are up by one-third while the beef industry had delivered an exceptional performance” by “achieving an increase in market returns that is almost twice the European average.”
The immediate prospects for Irish food and drink exports in 2012 remain positive, although lower volume output availability in some sectors combined with some further softening in global commodity prices from the peaks recorded in 2011 are likely to result in more limited growth potential in the short term.
Meanwhile, next month, over 300 international and 100 domestic food and beverage buyers are expected to attend Bord Bia’s Marketplace International 2012 which will take place in the Convention Centre, Dublin on 7 February. Bord Bia is aiming to secure €15 million in new business from the one day event.