According to a new report from Barclays Corporate Banking, exports of goods and services around the world will contribute £6billion in revenue to Northern Ireland’s economy this year as manufacturers experience a revival.
Titled The Export Dividend, the report says up to 32,900 jobs are supported by the manufacturing export market, a market that is proving increasingly lucrative.
He said the global thirst for Northern Irish produce was growing and the renewed desire of local businesses to go global could see annual export sales hit £6.4billion by 2030.
Among the companies surveyed, 75% of non-exporting industrialists plan to start in 2022, a result that reflects renewed confidence in the sector. Non-exporters are more likely to favor European markets, with 30% saying they would target Germany initially, followed by the Netherlands (24%) and the US (24%). In contrast, the United States is the market to which most current exporters sell (30%), followed by Germany (26%) and France (26%).
“The UK manufacturing sector, like many others, has had a difficult year and around a third of our research respondents have been affected by higher labor costs, higher material costs and other supply chain issues,” John Mathers, business development manager, Barclays Corporate Bank of Northern Ireland, said. “However, exporters, more than most, have weathered the storms and are enjoying strong demand for their products in markets around the world.
“Confidence is high and many companies are looking to exports to achieve their growth ambitions next year and beyond.”
Nationally, exporters have also fared better this year than non-exporters. Over a quarter (26%) of survey respondents who sell overseas said they had seen “significant growth” in 2021, only 18% of non-exporters said the same. Meanwhile, manufacturers who export are also more confident about their prospects in 2022, with 88% of exporting companies being optimistic about their growth prospects, compared to 71% of those not currently exporting.