DUBLIN: The fall in the value of Pound sterling after Brexit cost Irish food and drink exporters €570m last year alone Bord Bia said.
In its annual Export Review and Prospects Report, the agency warns that exports markets for Irish food and drink will continue to be challenging this year and that prepared food exports to the Britain will remain under pressure.
Overall, the value of Irish food and drink exports grew by 2% last year to a total of €11.15bn. It was the seventh consecutive year of growth, but Bord Bia’s report highlights just how big, and how negative, an impact Brexit has had on Irish food exports in the past six months.
Overall, Irish food and drink exports to the UK fell by 8% last year, which Bord Bia attributes to weaker sterling.
Cheese exports to Britain, which accounts for half of all Irish cheese exported, showed a double-digit percentage decline, while mushroom exports were decimated.
The UK had accounted for 41% of Irish food and drink exports in 2015. That is down to just 37% on foot of the decline in sterling since the Brexit vote.
Bord Bia warned that export markets for Irish food and drink will continue to be challenging throughout 2017.
