Bright prospects for outward sales
Northern Ireland’s external sales and exports have reached a new peak. agendaNi summarises the latest results and trends.
Out of an estimated £18.1 billion in manufacturing sales in 2013-2014, £14.3 billion (79 per cent) were to customers outside Northern Ireland, ranging from those just across the border to clients at the other side of the world. Both figures represent new peaks for the province’s outward-focused business performance. In current prices, this includes:
• a 5.4 per cent increase in all external sales;
• an 8.7 per cent increase in exports; and
• a 3.1 per cent increase in sales to Great Britain.
Just under half (45.5 per cent) of all sales go to Britain: £8.2 billion. Exports represent a third of all sales (33.9 per cent) and within that category, the Republic and the rest of the EU are almost evenly matched. The following increases in exports are recorded:
• Republic of Ireland (up 9.9 per cent);
• the rest of the EU (up 16.3 per cent); and
• the rest of the world (up 4.3 per cent).
Food, beverages and tobacco represents the largest sector for external sales (53.1 per cent) and exports (28.5 per cent). The sector has also experienced the highest and increases in external sales (£386 million) and in export sales (£191 million).
This is followed by transport parts i.e. equipment other than motor vehicles and trailers: 7.1 per cent for external sales and 15.5 per cent for exports. Rubber and plastics is the third most significant category in overall external sales (4.4 per cent) while computer, electronic and optical equipment takes this position among exports (8.3 per cent). Beyond the Republic, the most significant export markets are Switzerland (£767 million), Germany (£388 million), France (£320 million) and the Netherlands (£219 million). Asian markets account for £469 million of exports.
As expected, more distant destinations take up a smaller share: £128 million to Australia, £81 million to Central and South America, and £11 million to New Zealand.
Services exports are harder to quantify. An experimental survey, published two years ago, estimate that the total value of service exports was £495 million in 2011, an increase of 11.9 per cent compared to £443 million in 2010. This was mainly driven by a 28.8 per cent increase in service exports from the manufacturing sector, accompanied by a 20.2 per cent increase in construction services exports.
