Ireland's agrifood sector has been hard hit by fluctuations in sterling, due to Brexit. Operational hedging is particularly useful for firms that find it difficult to predict future foreign currency cash flows. In 2017, the sector shipped €5.2bn ($6.1bn) worth of goods to the UK, its biggest trading partner, while total exports to the UK from Ireland were valued at €14bn. However, the pound has slipped from €1.30 before the 2016 referendum vote to around €1.12, devastating the Irish mushroom industry. The EU is also a major customer for Ireland’s agricultural exports.
Ireland's agrifood sector has been hard hit by fluctuations in sterling, due to Brexit. In 2017, the sector shipped €5.2bn ($6.1bn) worth of goods to the UK, its biggest trading partner, while total exports to the UK from Ireland were valued at €14bn. However, the pound has slipped from €1.30 before the 2016 referendum vote to around €1.12, devastating the Irish mushroom industry. The EU is also a major customer for Ireland’s agricultural exports.