Record high growth in seafood exports to existing and emerging markets

Export figures launched by Bord Bia for 2014 reflect a 4% increase, reaching a record high of almost €10.5 billion, marking the fifth consecutive year in export growth for the food and drink industry.

Since 2009, food exports have grown 45% from €3.2 billion. The strongest performers were dairy and ingredients, €3 billion (+3%); prepared foods, €1.8 billion (+8%) and seafood, €540 million (+8%).

Aidan Cotter, Bord Bia chief executive and Simon Coveney, Minister for Agriculture, Food and the Marine announcing the 2014 food and drink export figures

Announcing the figures, Bord Bia’s chief executive Aidan Cotter highlighted the significant shift in destinations with international markets:

“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 our established premium EU markets,” he said.

This shift in market destination is underpinned by increases in the value of exports to Asia of €850 million (+45%) as well as significant increases to North America, €740 million, (+18%); the Middle East, €330 million,( +11%) and Africa, €610 million ( +9%).

Seafood exports recorded an increase of 8% in 2014 to reach an estimated €540 million; however, an increase of roughly 10% in unit prices was recorded, which boosted export values.

The main EU markets (France, Spain, UK, Italy and Germany) continue to dominate seafood exports, accounting for more than 50% of values. France remains the largest market with growth of almost 8%.

Shipments to international markets led the growth in exports with a rise of 20% to bring the value of trade to an estimated €200m.

Export performance in 2015 will continue to depend on product supply. This is expected to remain limited for aquaculture species, and quota restrictions on wild species will prevent volume growth. Prospects for prices remain reasonably positive for most species.

Seafood Exports

Europe remains our most important seafood export market with France, UK, Spain, Italy, and Germany accounting for 55% of total export value in 2014. Total exports to European countries came to over €300m. The continued focus of Irish seafood exports on emerging markets reaped rewards, with exports to Russia, China, South Korea, and Hong Kong all growing in 2014. African markets are also important to the Irish seafood sector with Nigeria and Cameroon growing in value terms.

In particular China is quickly becoming an important market for Irish seafood exports, growing to become our 9th largest export market in value terms. Also noteworthy are exports to Egypt, which grew by 160%, overtaking South Korea to become our 10th largest export market.

Despite implementing a seafood import ban in August, Russia was a significant export market in 2014. Irish exports for the first half of 2014 totalled nearly €20m, securing Russia’s position as our 8th largest export market by volume. Naturally this figure will decline as the ban continues into 2015.

Overall international markets accounted for close to one third of all exports in 2014. Source: Eurostat