I propose to take Questions Nos. 104 and 112 together.
The Trade and Cooperation Agreement concluded between the EU and the UK in December 2020 creates the economic partnership and free trade area for goods allowing them to be traded without the application of tariffs or quotas on goods. As the deputy will be aware, in the lead up to Brexit, Government was heavily invested in preparing for Brexit and in contingency planning to mitigate the worst effects of Brexit on Irish businesses.
The performance of our import and export sectors has been significantly impacted over the last three years by both Brexit and the ongoing COVID-19 pandemic. Now, as we cautiously emerge from these necessary public health restrictions and global markets begin to open again, the Government will continue to help businesses in their next phase of recovery and adaptation.
My Department has invested to help businesses overcome these challenges. and, working with Enterprise Ireland, aims to strengthen Irish enterprise to respond to market shocks and disruption in response to COVID-19 and Brexit.
This involves driving transformational change and the pace of innovation to transition to new business models, digitalisation and the low carbon economy and to scale and grow the export and start-up base, across regions and sectors and grow companies of all sizes.
Despite the challenges posed by the COVID-19 pandemic and Brexit, our export-led trading sector has proven to be very resilient. In 2020, Goods exports were valued at €162 billion and Services exports at €244 billion, both reaching their highest levels on record. The total value of Ireland’s Goods and Services exports worldwide also reached a new record level of €406 billion, an increase of €23 billion over 2019.
The EU accounted for 40% of our total exports in 2020, while the US continued to be Ireland’s biggest single goods export market, accounting for 31% of total exports in 2020. While recognising the importance of our current markets, our focus is on deepening our reach into these markets while also opening up new trade markets between Ireland and the rest of the world. My Department is working intensively with its enterprise agencies to help companies to diversify and discover new markets and to adapt to export challenges posed by both COVID-19 and Brexit.
Each year, Enterprise Ireland offers a programme of trade missions, trade fairs and knowledge events which give their client companies based in Ireland the opportunity to connect with existing and new customers, access key decision makers, increase sales in international markets and exchange ideas. In recent years, the majority of Ministerial-led trade missions have taken place to the Eurozone, North America and Asia Pacific, which represented the strongest growth opportunities for Irish companies. These trade missions focused on promoting the innovative capabilities and competitive offerings of Irish companies to international buyers in sectors including internationally traded services, fintech, high-tech construction, engineering, ICT and lifesciences.
Due to the Covid-19 pandemic, Ministerial-led trade missions and events took place virtually throughout Quarters 1 to 3 of 2021. Physical Ministerial-led trade missions recommenced in September 2021 with missions taking place to the UK, France and Germany and to the UAE and Qatar in October 2021.
Further Ministerial-led trade mission are taking place in early November to Canada and the USA and I will lead a mission to the Middle East shortly. Enterprise Ireland is also planning a robust programme of in-market events for 2022 as Covid-19 restrictions begin to lift globally.
As well as the global efforts supported by our agencies, key to our success in growing exports has been our commitment to trade liberalisation in order to open new markets for our indigenous sectors. With a small domestic market, further expansion in other markets will be essential to our continued economic growth. In this regard, Ireland will continue to support the EU’s ambitious programme of negotiating new Free Trade Agreements, opening new markets for Irish companies and increasing export and investment opportunities.
