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Speaking at last Friday's Navigating Global Trade conference, McCarthy was strong in her view that the sector should aim to maintain UK exports while growing international markets. She outlined the enormity of the challenge ahead, even to just hold on to what Ireland has in the UK market. She said that even before the Brexit vote the UK market was challenged and had fallen 7% in the six months prior to the vote.
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She outlined how the 2025 target could be reached. Exports to the UK would have to increase to €4.4bn to reach almost €6bn, exports to the rest of EU would have to increase from €3.3bn to hit close to €5.5bn, while exports to international markets would have to almost treble from €3bn currently to reach about €9.2bn by 2025.
Exports to China would need to more than triple from €850m today to reach €2.5bn by 2025
In terms of international markets, exports to China would need to more than triple from €850m today to reach €2.5bn by 2025, while exports to southeast Asia would need to increase from €320m today to €1.2bn in 2025. Exports to Africa would need to triple to €1.5bn while exports to Middle East would need to rise from €400m today to €1.2bn in 2025.
Exports to the EU would need to hit close to €5.5bn. To reach this our top three markets of France, the Netherlands and Germany (which account for 60% of exports) would need to exceed €1bn each.
This would require 40% to 70% growth from each of these three markets – a significant challenge given the lack of growth and existing competition in these markets.
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