Asia overtakes UK as Irish seafood’s chief market

BIM's new Business of Seafood report outlines the fishing sector's health - which is strong

Asia has surpassed the UK as the second biggest export market for Irish seafood according to a report launched by an Bord Iascaigh Mhara. Irish seafood exports to Asia totally €96m in 2018, according to The Business of Seafood, a newly-published report by the organisation.

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Exports of Irish seafood to Asia totalled €96 million in 2018, an increase of 23%, according to a new report published by An Bord Iascaigh na Mara. The Business of Seafood report reveals the value of exports to the UK fell by 4% to €81 million during this same period due to a decrease in the value of sterling.

The Irish seafood sector continued to grow in 2018 and was valued at €1.25 billion in GDP terms, an increase of +3.4%. Private investment (€267 million) together with strong government support (€170 million) contributed to this growth.

According to Jim O’Toole, BIM CEO, investment is happening at every level of the industry. “This includes investment in new fishing gear, improvements to vessels to make them more sustainable and capital investment in processing industries,” he said. “Despite the continued uncertainty brought about by Brexit there’s still an underlying confidence in the sector as evidenced by this level of investment.”

The Irish seafood sector employs 14,359 adults in fishing, aquaculture, processing and seafood retail. The industry is of particular importance in rural coastal communities where, in the case of Donegal, it accounts for 12% of employment.

The Business of Seafood report provides detail on the changing fortunes of the Irish fishing fleet over the past decade, including the economic downturn from 2008 – 2013 and the significant increase in fuel prices experienced in 2008 and again between 2011 and 2014. The gross profit of the fleet rose from a low of €10.4 million in 2010 to €78.1 million in 2018.

“The Irish seafood sector is noted for its resilience and ability to adapt to changing political and socio–economic circumstances,” O’Toole said. “The significant increase in exports to Asia over the last five years by 247% demonstrates the strength and diversification of the sector.”

Read More: Bord Iascaigh na Mara