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Brexit dampens Irish food and drink exports by €570m

Trade with the UK fell by 8 per cent, due in part to challenging exchange rates and uncertainty arising from Brexit.

However, there were increased exports to international and emerging markets including North America (adding €200 million), China and the rest of Asia.

Overall, there was a 13 per cent increase in shipments to international markets, reaching a value of approximately €3.5 billion.

There was also recovery in EU markets, adding 3 per cent to reach €3.53 billion.

The euro strengthened by 13 per cent against sterling in 2016 while there was little change in exchange rates with the US dollar.

According to Bord Bia estimates, the underlying weakness and volatility of sterling negatively affected the competitiveness of Irish exports reducing the value of trade by a potential €570 million.

Overall it seems remarkable how quickly even the most traditional sectors of the Irish economy are adjusting to Sterling devaluation and the prospect of Brexit by diversifying away from the UK market.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Jan 11th, 2017 at 11:32:21 AM EST

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