Displaying items by tag: Very Challenging
State Agency for Exporters Warns of a 'Very Challenging' 2020 Due to Brexit & Covid-19
Enterprise Ireland-backed companies which won new contracts declined by 12% in the first half of 2020 due to Covid-19 with this year described as "very challenging" for Irish exporters.
As the Irish Examiner writes, the state agency responsible for helping Irish companies export to international markets said Covid-19 has had a negative impact on order books and international market confidence. Approximately 1,000 client companies are impacted by the pandemic with 75% reporting that their exports have been impacted by Covid-19 and more than half saw a negative impact on cash flow. 300 companies are very exposed with high levels of exports to the UK.
The agency has warned that challenging conditions will continue to impact exporters who will face the dual challenge of both dealing with the Covid-19 impact on their business and also the impending January 1st Brexit deadline.
For 2019, Enterprise Ireland reported strong levels of export performance by its client companies, up 8% to €25.6bn. Last year, exports to the Eurozone region saw record growth of 15% to €5.6bn, while exports to North America increased by 16% to €4.7bn last year.
More on the export sector here.
