The majority of Irish food and drink companies believe they will continue to have opportunities to increase sales in the UK despite Brexit, according to Bord Bia’s latest Brexit Barometer findings.
The findings, which were presented by Bord Bia CEO Tara McCarthy yesterday, show that 80pc of companies surveyed believe that they will continue to have opportunities to increase sales in the UK market,.
Meanwhile, just over half – 54pc -have developed a UK- specific marketing strategy.
This is a significant increase on last year’s figure of 39pc.
It also found while 60pc are still uncertain about the outcome of Brexit and 25pc are pessimistic about it, 74pc of companies surveyed said that they had made progress in preparing for Brexit in the last 12 months.
However, only 32pc of companies have modelled the potential impact that costs arising from customs duties and tariffs may have on sales to the UK.
In terms of market diversification, 85pc of companies are actively seeking to expand to new markets with Europe the most popular at 85pc. Speaking about the findings Agriculture Minister Michael Creed said the fact that our exports to the UK rose by 7pc in 2017 was confirmation of the importance of the Brexit Barometer.
“It is heartening to see the progress Irish food and drink exporters have made in the last 12 months in preparing for the challenge that Brexit presents.
“Though uncertainty remains a constant element for these companies, the 2018 Bord Bia Brexit Barometer shows significant progress has been made in a number of areas,” the minister said.