For Irish exporters looking to grow sales, there’s a world of opportunity. The global economy is changing fast and despite the global financial crisis and other short-term factors, Irish exports increased to their highest level on record in 2018, rising by 15% to €140 billion¹.
The internet, improved logistics, and access to local export assistance has made exporting more viable for even the smallest businesses, and with success in export markets crucial to the long-term growth of Irish businesses and the Irish economy, exporting overseas can provide some exciting opportunities.
The European Union accounted for half of all exports last year. Goods worth €71 billion were shipped to the EU during 2018, a 13 per cent increase on the prior year.¹
Exports to non-EU countries were valued at €69,851 million, a 17 per cent increase on the previous year. The US was the largest non-EU destination, accounting for 28 per cent of total exports.¹
Exporting can be a profitable way of expanding, spreading risk and reducing dependence on the local market. Typically businesses that export, see better prospects for growth, create more jobs, pay higher wages and tend to adapt new technology and best practise techniques faster. All of which leads to a more efficient and productive business.
Exporting isn’t simply an add-on to your existing business, it should be part of an overall strategy to develop your business. When planning to export here are some things to consider:
Successful business planning helps you to generate sustainable export revenues with an understanding of your target markets, underpinned by market research and your unique value proposition. To get more valuable insights into getting your business export-ready download our guide ‘Capatilising on New Markets’.
¹Central Statistics Office (CSO)
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