Exports fall 10% at EI companies

Exports by Enterprise Ireland companies fell 10 per cent to €13 billion, despite an estimated €500 million in new export sales…

Exports by Enterprise Ireland companies fell 10 per cent to €13 billion, despite an estimated €500 million in new export sales.

In its end of year statement today, the organisation said 2009 was a year of "unprecedented challenge" for exporters as demand dropped and exchange rate pressures hit firms.

The body described the growth as "encouraging".

The statement highlighted entrepreneurship and investment in research and development that was ahead of target throughout the year, which it said indicated that confidence was improving among businesses.

More than 70 new innovative high potential start-ups received support for Enterprise Ireland during 2009, 10 per cent more than its target.

Chief executive Frank Ryan praised the dedication and determination of companies in sustaining their businesses during the economic crisis.

"Many showed great energy and drive in seeking new markets abroad, and in driving down costs at home. Client companies' commitment to R&D is stronger than at any other time in our history and the pipeline of innovative high potential start-ups is surpassing expectations," he said.

"The answer to Ireland's challenge remains a return to export-led growth. That is what drove the economy in the foundation stages of the boom and in Ireland, exports equals jobs. Our export engine of high quality, competitive companies is fundamental to our return to economic prosperity."

There was an overall net decline of 19,000 jobs, with 7,400 new jobs created by Enterprise Ireland companies throughout the year.

"The Government has made strategic interventions to protect jobs. Around 7,213 jobs were sustained in the 148 companies supported under the Enterprise Stabilisation Fund which was launched in April 2009 to support vulnerable but viable manufacturing and internationally traded services companies, with a particular focus on SMEs," said Minister for Enterprise, Trade and Employment Mary Coughlan.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist