Food Wise 2025 targets

recently published economic analyses, and if exports to the rest of the EU, an already mature market, were to grow by 20pc, then the non-EU market would need to almost triple in value or achieve an annual average growth rate of 11pc for Ireland to meet the Food Wise 2025 targets.

It is certainly ambitious but the non-EU market, which is dominated by trade of dairy products, has grown by 37pc since 2011, so perhaps it is not an outrageous target.

Chinese imports of dairy products will increase by between 30pc and 40pc in the next 10 years, while dairy imports to other parts of Asia are projected to grow by about 25pc, according to the European Commission’s Agricultural Outlook.

Clearly Ireland needs to secure some of this growth and to focus on value added products.

The US will also be keeping a close eye on growth prospects in the Chinese market.

US exports of food and agricultural products to China more than tripled in the 10 years to 2015 and the US is China’s most important trading partner.

However, in the lead up to the election, Trump “promised” to slap a 45pc tariff on Chinese imports to the US, a move that would be in breach of WTO agreements.

If Trump’s views are not tempered between now and inauguration day, China may well choose to retaliate by imposing similar trade taxes, thus making US ag and food imports less competitive, which in turn may present opportunities for Ireland’s food exporters.

Thia Hennessy is Professor and Head of Food Business and Development at University College Cork