The total value of food and drink exports increased by 4% to reach of €10.5bn in 2014, according to figures from Bord Bia. A combination of increased volumes and growth in international markets drove the growth, while the strongest-performing sectors were prepared foods, meat and dairy.

There was a significant shift in the destinations. International markets increased by 15%. A rise of 45% was seen in the value of trade to Asia while exports to the US increased 18%. Exports to China increased by 40% to reach €520m, making China Ireland’s second-largest export market for dairy.

Bord Bia chief executive Aidan Cotter said: “The industry’s drive to broaden export reach to destinations outside of the EU is paying dividends, with growth in emerging and international markets now driving export figures, offsetting the limited growth in EU markets.”

The UK remained our most important market, but its share of total exports fell from 42% to 40%. A lagging European economy slowed export growth from Ireland to the region. Exports to Russia fell by more than 30%, reflecting the embargo that was put in place last summer.

As global commodity prices fell 4% last year, the increased value of exports was based on higher volumes of milk, beef and pigmeat. This boosted the value of exports by €500m, while a weaker euro helped improve competiveness in our key markets.

Dairy exports increased 3%, driven by volume increases to just above €3bn, with cheese, infant formula, casein, and SMP the strongest performers.

Exports of beef increased 1% to reach €2.27bn, driven by a 13% rise in volume offsetting price drops of 11% due to slow demand and increased supplies across Europe.

Increased volumes were partly offset by a drop of around 4% in average prices, which left the value of pigmeat exports some 3% higher at €570m.

Lower sheepmeat export volumes due to a decline in imports partly offset higher lamb prices. This left the value of Irish sheepmeat exports marginally higher in 2014 at €218m.

Prepared foods grew by 8% to reach €1.8bn. This growth was led by dairy-based enriched powders which now account for 40% of total exports within the category.

Aidan Cotter outlined that 2015 would be a more challenging year to maintain recent growth against a backdrop of weaker global dairy markets combined with lower volumes in key categories such as beef.