Brexit cost food exporters €570 million in 2016

The first bill for Brexit is in and it is huge. A Bord Bia Export Review and Prospects Report to be issued later today will show that sterling currency movements in the wake of the June referendum vote cost Irish food and drink exporters €570 million in 2016, RTE reports.

In general it was a good year for food and drink exports which were up  2% to €11.15 billion, their seventh consecutive year of growth. Exports to the UK, however, were down 8% and Bord Bia attributes all that downturn to currency. The UK market’s share of Irish food and drink exports fell by four percentage points to 37%.