Dáil Éireann Debate, Thursday - 24 May 2018
38. Deputy Thomas P. Broughan asked the Minister for Business, Enterprise and Innovation if she will report on recent CSO trends in goods exports; the key components of goods exports to date in 2018; and the impact Brexit has had on the latest CSO figures. [22889/18]
Amharc ar fhreagraOn 16 May 2018 the CSO released the latest data on Goods Exports from Ireland. These show that the value of goods exports rose by 4% in Quarter 1 this year when compared to Q1 in 2017. The value of goods exports in Jan-March 2018 was €33.521 billion compared to a value of €32.141 billion in Jan-March 2017.
The principal categories of goods exports in the Quarter were: Medical and Pharmaceutical Products, which increased by 18% to €11 billion; Organic Chemicals, which increased by 47% to €7 billion; and Miscellaneous manufactured articles, which increased by 5% to €1.8 billion when compared with Q1 last year.
While in March 2018 the value of goods exports to the UK fell by 5.7%, for the period Jan-March 2018 there has been a 2% increase in the value of goods exports to the UK.
Overall, in 2017, total exports of goods and services reached a record level of €283 billion, a 9% increase over 2016. Services export values rose by 14%, to their highest level to date of €161 billion and, for a fourth consecutive year the value of goods exports from Ireland rose to reach a new record high of €122 billion.
Goods exports from Ireland globally and to the UK have risen in the first quarter of 2018. The CSO data in itself does not reveal the impact that Brexit may have had on the level of these exports. However, it does provide a valuable indication of trends which will continue to be monitored while the Government intensifies its efforts, domestically and internationally, to support companies with an export focus.
In the 'Building Stronger Business' report, my Department set out a strategy to minimise risks of Brexit and maximise opportunities across four pillars of helping companies to compete, innovate, trade and to negotiate the best outcome for business. It sets out the range of diagnostic, advisory and financial supports that are being made available to companies to help minimise Brexit impacts and target new opportunities.
Dedicated measures were announced in Budget 2018, including a new €300 million Brexit loan scheme for businesses and a €25 million Brexit response loan scheme for the agrifood sector. This is in addition to supports for capital investment in the food industry and Bord Bia marketing and promotion activities, amounting to over €50 million in total. The fund of €116 billion announced in Project 2040 for capital investment over the next decade will also allow the State and its agencies to properly plan major infrastructure projects which can accelerate economic growth and mitigate the impact of Brexit. An Taoiseach’s plans for our increased Global Footprint 2025 will further underpin the across-Government efforts to support our globally-trading companies, thereby sustaining jobs, ever mindful of the various challenges to further growth potential, including, of course, Brexit.
