The Irish seafood economy has faced a turbulent year in 2023, with GDP declining by 2.9% to €1.2 billion, according to the latest Business of Seafood report released by Bord Iascaigh Mhara (BIM).
Brexit significantly impacted the industry, restricting access to fish and disrupting trade flows, but government investment through the Brexit Adjustment Reserve spurred a remarkable 12% growth, boosting the sector’s value to over €1.4 billion.
“The surge of funding provided by the Seafood Taskforce Schemes has supported resilience building and diversification across coastal communities and the fisheries sector to assist in mitigating the impacts of the UK’s withdrawal from the European Union,” said the Minister for Agriculture, Food and the Marine, Charlie McConalogue TD.
Challenges persisted, including quota reductions and a decrease in foreign landings, alongside biological issues affecting salmon and shellfish production. The cost-of-living crisis and high inflation further strained the economy, contributing to a 10% drop in exports of key seafood products, particularly blue whiting, crab and Irish organic salmon.
“There is no doubt the global backdrop for 2023 has been very difficult for all industries, including the Irish seafood industry,” said the chief executive of BIM Caroline Bocquel.
“The industry continues to weather the aftershocks of the UK’s exit from the European Union, a pandemic, inflation, record energy costs, and ongoing impacts of the war in Ukraine.”
Conversely, public spending soared by 63% to €416 million, resulting in a 33% increase in private investment. Seafood consumption rose by 9% to €515 million, with salmon sales climbing 9% to €130 million. The foodservice sector also flourished, growing 13% to €189 million, just shy of its 2019 peak.
Nearly 15,673 individuals are employed in Ireland’s seafood industry, vital for coastal communities, particularly in Donegal. Initiatives from the Seafood Taskforce, led by McConalogue, aimed to address these challenges through various support schemes.
