Export Consultancy – Navigating Stormy Waters
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Navigating Stormy Waters: Irish Companies Still Face the Challenges of Brexit
The aftermath of Brexit has left a lasting impact on all businesses across the European Union, and Irish companies are no exception. The intricate relationship between Ireland and the United Kingdom, both geographically and economically, has posed significant challenges for Irish businesses since the Brexit referendum. In this article, we will explore the ongoing hurdles faced by Irish export companies as they navigate the complexities of post-Brexit trade and economic landscapes.
Trade Barriers and Customs Complexities:
One of the primary challenges Irish export companies continue to grapple with is the emergence of trade barriers between Ireland and the UK. The withdrawal of the UK from the EU has led to increased customs checks, paperwork, and regulatory hurdles. This has not only impacted the efficiency of supply chains but has also resulted in additional costs for businesses. Many companies are now forced to invest in new technologies and hire additional staff to manage the increased administrative burden.
Supply Chain Disruptions:
The close economic ties between Ireland and the UK have historically facilitated smooth supply chain operations. However, Brexit has introduced uncertainties and disruptions in the flow of goods. Irish companies are re-evaluating and restructuring their supply chains to mitigate risks associated with delays, increased transportation costs, and potential shortages of goods.
Currency Volatility:
The fluctuation of the British pound against the euro has introduced a new layer of complexity for Irish companies engaged in cross-border trade. Currency volatility can impact pricing strategies, profit margins, and overall financial stability. Businesses are now compelled to adopt risk management measures to hedge against currency fluctuations, adding another dimension of complexity to financial planning.
Regulatory Compliance:
The UK’s departure from the EU means Irish companies must now comply with a new set of regulations governing trade between the two entities. Navigating this regulatory landscape requires businesses to stay informed about changes, invest in compliance training, and adapt their operations accordingly. Failure to comply with the evolving regulatory environment can result in legal consequences and operational disruptions.
Impact on Specific Industries:
Certain industries, such as agriculture and fisheries, have been particularly affected by the changes brought about by Brexit. Access to traditional markets, quotas, and regulations governing exports have undergone significant transformations, requiring companies in these sectors to reassess their business models and explore alternative markets.
Conclusion:
While the initial shockwaves of Brexit have subsided, Irish companies continue to grapple with the long-term implications of the UK’s departure from the EU. Navigating trade barriers, customs complexities, supply chain disruptions, currency volatility, and regulatory changes has become the new normal for businesses on the Emerald Isle. The key to success lies in adaptability, resilience, and a proactive approach to addressing the challenges that arise in this post-Brexit era. As Irish companies forge ahead, it is clear that agility and strategic planning will be essential in overcoming the ongoing hurdles presented by the ever-evolving landscape of international trade.
Apply for Fully Funded Support from InterTradeIreland Cross-Border Trade Hub
InterTradeIreland Cross-Border Trade Hub offers excellent telephone and consultancy support to develop agility and strategic planning across key cross border categories:-
- Customs
- Regulation/Legal
- Finance/VAT
- People/Employment
The Cross-Border Trade Hub Service will also have vouchers available of up to £2,000 / €2,326, for those businesses needing additional training or consultancy support beyond the telephone service.
As an InterTradeIreland Approved Service Provider, I can help advise on how to apply and deliver the support tailored for your company.
Let’s talk about your business
There’s no time like the present. Fast track your businesses international growth and spot the threats and opportunities that leaving the EU will deliver through our Export consultancy. By leveraging the our specialist export knowledge and support you can save time, reduce costs and drive your international trade activities forward with confidence. Check out our other programmes or funded assistance available.
Email to get started today on ann@annrodgershampton.com
