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Brexit has cost one in ten Irish exporters over €100k to date

Written by Robert McHugh, on 4th Sep 2019. Posted in Ireland

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A survey of Enterprise Ireland client companies attending International Markets Week finds that 53% of companies say that Brexit has had an impact to their business with one in ten companies citing that Brexit has cost their business over €100K.

The survey finds that close to 5% of companies say that Brexit has cost their business over a quarter of a million euro to date. One in three (33%) of the Enterprise Ireland client companies surveyed cited currency fluctuations as their primary Brexit concern.

Other concerns listed include:
Tariffs 22%
Supply chain disruption 16%
Uncertainty for Brexit outcome 15%

According to the results of the Enterprise Ireland survey, more than four out of five businesses identified the Eurozone as the market they are planning to expand into in the next year with 83% citing its size and growth potential as a key factor, followed by a proven demand for a product or service (50%).

Speaking this morning, CEO of Enterprise Ireland, Julie Sinnamon said, "Our research shows that Irish exporters are already feeling the negative impacts of Brexit through their profit margins. We have consistently said that the wait and see approach is not an option and client companies are heeding this advice."

She added, "Overall, Enterprise Ireland client companies have opened 275 new overseas presences in the first six months of 2019. This week’s International Markets Week programme gives exporters an opportunity to meet with our experts from the markets and evaluate the opportunities to accelerate their market diversification."

Enterprise Ireland’s International Markets Week (IMW), which opens today at the RDS, will host 650 client companies over three days. More than 140 international Market Advisors from Enterprise Ireland’s 34 overseas offices will participate in over 2,000 client company one-to-one meetings, advising Irish businesses on global export opportunities in new markets in direct response to Brexit. 

Source: www.businessworld.ie

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