Eighty four percent of exporters plan to enter new international markets over the next 12 months, despite ongoing market uncertainty and concerns around issues such as supply chain, energy costs and inflation. This is according to a survey of Enterprise Ireland client companies attending International Markets Week.
Over one-in-three exporters (35%) cited global market and economic uncertainty as the primary challenge for their business for the next six months. One in three (32%) expressed concerns about supply chain, price inflation and energy costs, while one in four (26%) cited skills and talent shortages as being the biggest challenge to their business.
However, nine out of ten (91%) said they expect their exports to increase next year. Almost two-thirds (59%) said their export sales have increased so far this year, when compared to last year, and almost one-third (32%) said they have remained stable. A strong majority of the exporters surveyed (84%) are planning to enter new markets in 2023, with two-thirds (62%) of those stating that increasing their overseas market presence is their biggest priority for the next 12 months. Of those planning to enter new international markets next year, one-third said North America is the priority market for them in 2023, with 27% prioritising Europe and one-in-five (19%) citing the UK.
Almost three quarters of the businesses surveyed (74%) said that having green credentials with a sustainability policy in place is considered an important factor when competing to win new business overseas.
The survey was released as 600 client companies are set to take part in 1,800 export focused one-to-one engagements with Enterprise Ireland Market Advisors at International Markets Week (IMW). Over 130 advisors from 40 Enterprise Ireland overseas offices are attending the annual exporting focused event, which returns in-person to the RDS this week for the first time since 2019.
Irish businesses attending this year’s IMW will also have the opportunity to visit Enterprise Ireland’s Global Ambition Hub, where they will have access to experts on issues such as sustainability, digitalisation, strategic partnerships, talent, growth capital and market intelligence.
Speaking this week, CEO of Enterprise Ireland, Leo Clancy said, “We are delighted that International Markets Week has returned in person and is back, bigger and more buoyant than ever. It’s positive to see from our research that Irish exporters are optimistic for the next 12 months and reported export increases last year against the backdrop of a challenging global economic environment for businesses."
He added, "The business optimism is a credit to the innovation and flexibility of Irish exporters who have overcome a range of obstacles in recent times including, Brexit and Covid-19 and are now facing a range of trading challenges in response to the uncertainty surrounding the war in Ukraine. It’s vital that the current inflationary pressures, especially increases in energy costs, don’t derail that recovery and we continue to support and grow employment opportunities across all regions."
Source: www.businessworld.ie
