Bord Bia’s 2024 Performance and Prospects report shows the impact of the cost-of-living crisis on consumers, the challenges caused to industry by rising input costs and shifting global commodity demands and the impact of high cost and severe weather on primary producers.

Dairy, which accounts for almost 40% of overall exports in the report, saw significant downward pressure on prices throughout the year. The sector’s exports dropped by 8% to €6.3bn.

This drop was led by a 12% reduction in the value of butter exports, which was somewhat balanced by a 4% increase in cheese, with both products accounting for €1.3bn in export value each.

Meats

On the meat side, beef was the best performer with a 2% increase to €2.7bn. There was less good news for sheepmeat, which was down 7% and 2023 was another disappointing year for pigmeat, which saw the value of exports fall 13% to €475m.

Live exports rose 13% to €265m, with the trade once again dominated by cross-border movements to Northern Ireland.

The report highlighted the strong performance of calf sales to the Netherlands, while cautioning about the longer-term prospects for that trade due to changes in transport legislation.

The prepared consumer foods (PCF) sector had a good year, with exports rising 7% to €3.1bn, with the increase almost entirely driven by price as volume growth was muted.

Exporter survey

A survey of exporters conducted by Bord Bia showed that more than 70% expected revenue to grow in 2024. Despite this optimism, more than half of respondents said their competitiveness has been eroded by energy prices, inflation and increasing labour costs.

Speaking at the launch of the report, Minister for Agriculture Charlie McConalogue TD said: “Despite this incredibly challenging environment, Ireland has continued to build on its reputation as a sustainable producer and supplier of high-quality food.”

“There would be no exports of Irish food and drink without the quality output of our farmers and fishers or the innovation of our food processors, who collectively make up this vital sector of the Irish economy, and I would like to congratulate them for their efforts during the year.”

The UK remained the largest single destination for Irish food exports, with its share rising two percentage points to 34%.

The value of trade to markets outside the UK and EU dropped by 10% to €4.9bn, with a fall in the drinks trade to the US and notable drops in dairy and pigmeat to Asia.

Read full analysis of the report and an interview with Bord Bia CEO Jim O’Toole in this week’s Irish Farmers Journal.