Irish seafood economy grows 15% to a record value of €1.26 billion

Published 2022년 4월 11일

Tridge summary

The Irish seafood industry experienced a 15% growth in 2021, reaching a record value of €1.26 billion, as reported by Bord Iascaigh Mhara (BIM). This growth was driven by a 15.3% increase in GDP, with strong exports to the EU and Asia contributing to an 11% increase in the total value. Domestic consumption also rose by 3%. Despite challenges such as Brexit and Covid-19, the sector saw increased investment, employment, and adaptation to new technologies. However, the industry is now facing new challenges due to increased costs from the Ukrainian conflict.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 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. ...

Source: Fish Focus