All-Ireland trade in goods tops €2.5bn in first quarter of 2024
Enterprise, Trade and Employment Minister Peter Burke said the survey highlights 'the significant advantages that can be gained for businesses by exporting across the border'. File picture
Trade in goods across the all-Ireland economy topped €2.5bn in the first three months of the year, and one in four north-south traders plan to expand their operations, the latest survey from InterTradeIreland showed.
The agency also reported that about a third of all-Ireland traders are generating profit margins of over 10%, and many firms are aware of market opportunities in sourcing goods and services in the all-Ireland economy.
However, business costs, including energy, raw materials, and wages bills, remain a big worry and difficulties in recruiting staff in both the Republic and the North are being encountered with unemployment at low levels.
On recruitment, most firms plan to keep the same number of staff in the next six months, but many small and medium-sized firms will take on more staff. The latest survey stated:
"Last quarter, 42% of bigger businesses were reporting an intent to hire and this quarter that figure has reduced to 28%."
On costs, most firms still cite energy and other business costs as major concerns, but at lower numbers “than the start of 2022 when energy and wider cost pressures were an issue for almost all businesses”, said InterTradeIreland.
The agency was set up in Newry, Co Down, 25 years ago following the Good Friday Agreement with the aim of promoting the all-Ireland economy, and is co-funded by Dublin and the Stormont administration.
“The results of InterTradeIreland’s all-island Business Monitor survey highlight again the significant advantages that can be gained for businesses by exporting across the border,” said Enterprise Minister Peter Burke.
“Figures from the CSO show that cross-border trade in goods alone was valued at €10.1bn in 2023," Mr Burke said.
“The findings also suggest there are further opportunities for cross-border trade, particularly in supply chains.”
Mr Burke’s counterpart at Stormont, Economy Minister Deirdre Hargey, said firms in the North have access to the EU single market in goods as well as to the UK.
