Wed, 07 Dec 2022

Tesco buys 1.6 billion euros of Irish food and drink products

Robert Besser
27 Sep 2022, 02:39 GMT+10

DUBLIN, Ireland: Tesco, the British multinational groceries and general merchandise retailer with 152 locations in Ireland, has become the largest retail buyer of Irish produce in the world, larger than any European Union country.

According to a report issued by Tesco, the retailer purchases food and drink manufactured in Ireland valued at €1.6 billion each year.

Of the total, €730m is sold in its stores inside Ireland and €960m in Irish goods is exported to Tesco outlets worldwide.

"Remarkably, Tesco's overall domestic purchases and exports of Irish food and drink exceeded Ireland's overall agrifood exports to each of France, Germany, the Netherlands and the US in 2021," said William H Batt, who headed Indecon's economic consultants who researched the report, as quoted by RTE.

"Given the scale of these purchases, Indecon's research suggests that Tesco is the single largest retail purchaser of Irish food and drink in the world," he added.

The report, written by Indecon, international economic consultants, was released to mark the 25th anniversary of Tesco's coming to Ireland.

The report noted that Tesco's total annual expenditures In Ireland, including wages, produce and services, has reached €2.44 billion. This is a 26 percent increase over 2007.

Overall, Tesco's gross contribution to Ireland's GDP was €1.87 billion, increasing by 16 percent in the past decade.

"Our significant spending with Irish businesses helps to secure the jobs of local people and many local Irish suppliers," said Tesco Ireland's CEO Natasha Adams, according to RTE.

"In addition, the success of Irish farmers and food processors supplying us domestically and exporting to Tesco internationally reflects the outstanding quality and unwavering commitment of the Irish agri-food sector," she added.

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