Business

Northern Ireland's export sales soar as importance of EU and US markets is underlined

Of the £68.9 billion of total sales by Northern Ireland companies in 2016, some £14bn goes offshore to Britain and another £10.1bn to EU and global markets
Of the £68.9 billion of total sales by Northern Ireland companies in 2016, some £14bn goes offshore to Britain and another £10.1bn to EU and global markets Of the £68.9 billion of total sales by Northern Ireland companies in 2016, some £14bn goes offshore to Britain and another £10.1bn to EU and global markets

EXTERNAL sales by Northern Ireland firms are sitting at an all-time high of £24.1 billion, according to latest official government statistics.

Just over a third of that (£10.1 billion) of that is deemed as being proper "export" sales, with the other £14 billion going to customers in Britain, underlining the importance of that market in the post-Brexit era.

And the current EU market is currently worth £5.7 billion in sales for Northern Ireland, with more than half of it (£3.4 billion) crossing the border into the Republic

The latest data published by the Northern Ireland Statistics and Research Agency (NISRA) covers the year up to 2016 (when the EU referendum was held).

They reveal that total sales by companies in Northern Ireland are worth £68.9 billion, an increase of 2.7 per cent (£1.8 billion) on the previous year and the highest level since the survey began in 2011.

The numbers reveal broadly where ever plant, widget and service produced by businesses in the north ultimately ends up, and the figures will be crunched, scrutinised and interpreted in their own ways by both the Leave and Remain camps as trade negotiations in Brussels reach a critical stage.

The importance of the EU for sales, however, is further underlined by the fact virtually every country in the single market is taking more products from Northern Ireland.

Exports to the Republic of Ireland increased by £73m (2.2 per cent) over the year to £3.4 billion while sales to the rest of the EU rose by £200m (or close to 10 per cent) to £2.3 billion.

Within the single mainland EU market, Germany remains the north's biggest customer (£569m of sales) followed by France (£489m) and the Netherlands (£336m).

The north also does £100m-plus of trade in the EU with Spain, Belgium and Italy (and £99m with Poland).

All these markets could be potentially lost or reduced under the terms of any trade agreements struck after Brexit.

North America remains Northern Ireland's second most important export customer (after the Republic), taking goods worth £1.8 billion in 2016.

Indeed total exports to the rest of the world enjoyed another double-digit percentage increase (10.4 per cent) to £4.4 billion, NISRA said.

By product, easily the largest overall proportion of export sales from Northern Ireland (60 per cent) is from the manufacturing sector(£6.13bn), followed by the wholesale and retail trade (£1.85bn).

Top markets for Northern Ireland sales in the EU:

• Rep of Ireland £3.4bn

• Germany £569m

• France £489m

• Netherlands £336m

• Spain £164m

• Belgium £149m

• Italy £112m

• Poland £99m

• Denmark £67m

• Sweden £67m

• Austria £47m

• Czech Rep £37m

• Portugal £35m

• Finland £32m

• Hungary £31m

• Romania £21m

Top markets for Northern Ireland sales outside the EU:

• North America £1,853m

• Asia (all) £857m

• Switzerland £736m

• Middle East £297m

• Africa (all) £191m

• Australia £136m

• Central/S America £80m

• Russia £50m

• Turkey £50m

• Norway £35m