Cross-Border Trading Increases Exporting Further Afield

cross-border-exporting

Key research from InterTradeIreland reveals that cross-border trading leads to increased productivity and levels of innovation. Cross-Border Trading in goods is also at an all time high, standing at £6bn/€7bn for 2017 and has been growing at an average of 4% per annum over the last 20 years.


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In recent research undertaken by InterTradeIreland, 71% of exporters reported that cross-border trading was the catalyst for exporting further afield and that the cross-border market also plays a valuable role in a broader export development strategy, with exporting firms proven to be more innovative, more productive and more resilient than their non-exporting counterparts.

The research, 'Export Participation and Performance of Firms on the Island of Ireland', finds that for over half (51%) of Irish exporters, Northern Ireland is the destination for more than 50% of their exports, while for 26% of Irish firms, Northern Ireland is their only export market.

At present Northern Ireland makes up between 10 - 12% of total exports from Ireland to the UK and accounts for 7-8% of imports. For a population size of just 2.9% of the UK total these trade figures between nearest neighbours are substantial and highlight growing cross-border co-operation and the associated dividends for Northern Ireland businesses.

Recommended reading: Paul O’Regan Shares Top Tips for Exporters

Brexit and How InterTradeIreland can help

Currently less than 20% of firms are planning for Brexit. Brexit will impact businesses across the island but action now will help prepare businesses for the challenges and opportunities that may arise. InterTradeIreland provides SMEs across the island of Ireland with sales growth, innovation support, business funding and business insight.

The organisation has also launched a Brexit Advisory Service in May 2017 to help companies prepare for the British exit from the EU. The Brexit Advisory Service aims to equip companies to deal with whatever changes happen post Brexit.

Recommended reading: Insights from British Irish Chamber & Ulster Bank - Brexit Proofing the Agri-Food Sector

InterTradeIreland marks 20 years in 2019

InterTradeIreland is set to celebrate its 20th anniversary of promoting cross-border trade this year. The body has assisted over 39,000 businesses, supported the creation of 14,800 jobs and has generated more than £1bn/€1.2billion in business development value through its programmes and initiatives since it was established in 1999.

InterTradeIreland is set to introduce new supports throughout its anniversary year to help businesses address the challenges and opportunities that may arise. Visit www.intertradeireland.com for more information. 

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