The number of exporters from Northern Ireland increased at a greater rate than any other UK region last month, according to latest data, but falling revenue indicates the sector is showing signs of fatigue.
The province recorded an additional 22 new exporters in July, 4% up on the previous month and well ahead of England and Wales which saw just a 1% increase, and Scotland which recorded 0.2%.
However, total revenue in the Northern Ireland export sector has fallen by £3.5 million, or 7%, tracking that of the UK as a whole, the UK Exporter Monitor by Coriolis Technologies and The Institute of Export & International Trade (IOE&IT) showed. Employment also fell by 6,581, or 4%.
Despite these falls, the report said Northern Ireland’s exporters have outperformed other UK regions in revenue and employment, a sign they remain resilient despite the current headwinds from supply chain shortages and uncertainties around the Northern Ireland Protocol.
“Our latest Exporter Monitor suggests that Northern Ireland’s businesses are remaining resilient in the face of adversity, as exporter numbers continue rise,” Institute of Export & International Trade Director General Marco Forgione said. “However, the decline in revenue is concerning.
“Our members are reporting that because of the global logistics problems it is more difficult to diversify their supply chains, something we are addressing through education and training.”
The IOE&IT said it has opened a office in Bangor in collaboration with South East Regional College in an effort to help Northern Ireland businesses to grow international trade.
Meanwhile, Coriolis Technologies Chief Executive, Dr Rebecca Harding, said all UK exporters continue to face difficult conditions which aren’t expected to ease any time soon.
“Within this we are seeing regional variations and despite facing additional uncertainties around the NI Protocol over the past twelve months Northern Ireland’s exporters have suffered less than their UK counterparts.
“Challenges remain for all exporters and as a result we expect future Exporter Monitors to show a further decrease in the number of UK exporters.”
