Irish seafood economy grows 15% to a record value of €1.26 billion
Seafood
Ireland
Published Apr 12, 2022
Tridge summary
Irish Seafood economy grows 15% to a record value of €1.26 billion. Strong exports to EU and Asia post-Brexit are a key driver of growth. In its annual Business of
Original content
Seafood Report, Bord Iascaigh Mhara (BIM) announced that the Irish seafood economy grew by 15% in 2021, to €1.26bn. Despite the dual challenges of Brexit and Covid-19, the industry recovered from the trading difficulties experienced in 2020, with a growth in GDP of 15.3% year-on-year – the highest value seen since 2016. This growth was driven by strong exports to the EU and Asia increasing the total value by 11% – to €674m. Foodservice purchases of seafood in Ireland increased by 12% in 2021, following from a decline of 53% in 2020. Domestic consumption grew by 3% to €418 million, while the seafood balance of trade (exports – imports) also grew by 45%, driven by the strong export growth, particularly in EU markets. Overall investment in the sector increased during 2021 to €454 million (+8%), showing renewed confidence. BIM chief executive Jim O’Toole said that the sector had proven to be highly resilient and innovative: “The key insights from this report are the sector’s success ...
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