Irish exports to the Arab World hit a record level last year as firms here tapped into a growing demand for consumer goods and services from the Middle East.
A report by economist Jim Power for the Irish Arab Chamber of Commerce shows the Republic exported over €2.2 billion in goods alone to the Arab states in the first nine months of 2022, up from €1.8 billion in 2021.
The region of 21 states has a growing population of more than 444 million people, representing 5.5 per cent of the world’s population and accounting for 3.1 per cent of the world’s economy.
The report shows there were notable increases in Irish exports to countries including Algeria, Bahrain, Egypt, Oman, Qatar, Saudi Arabia, the UAE and Yemen.
With a population of 35.3 million, Saudi Arabia was the largest importer of Irish goods, accounting for €627.5 million worth of goods exported in the first three quarters of 2022.
Essential oils, perfume materials and toilet preparations accounted for 41.4 per cent of total exports while medicinal and pharmaceutical products accounted for 32 per cent.
The UAE, which is home to an estimated 10,000 Irish expats and with a population of almost 10 million, imported €478 million worth of Irish goods.
Algeria and Egypt, two big importers of Irish dairy, also drove the increase in overall exports. Irish exports to Egypt grew by 36 per cent in 2022, from €198 million to €268.5 million.
Algeria, with a population of 44.6 million, is the third largest whole milk powder importer in the world. Total Irish exports to Algeria grew this year by 32 per cent from €66.7 million, largely on the back of increased food exports.
Mr Power said for Irish SMEs looking to expand their reach when it comes to export partners, the countries of the Arab region should be considered. “It is a key time to think about exploring opportunities elsewhere, and the reality is business owners don’t have to look too far to successfully diversify their export markets,” he said.
“The countries of the Arab World import many of the products and services that Irish companies can supply competitively; they have considerable resources to fund their imports; their rising populations cause demand to grow year after year – and they are relatively close to Ireland in terms of accessibility,” he said.
