Wednesday, March 17, 2010
In honor of St. Patrick's Day, here is some information about the long standing ties between the United States and Ireland. The United States' close relationship with Ireland is based on ancestral ties and shared values. Trade between the United States and Ireland is an important part of that relationship. The following economic data is taken from the U.S. State Department website:
"In 2008, U.S. exports to Ireland were valued at $8.65 billion, while Irish exports to the U.S. totaled $31.35 billion, according to the U.S. Census Bureau Foreign Trade Statistics. The range of U.S. exports includes electrical components and equipment, computers and peripherals, drugs and pharmaceuticals, and livestock feed. Irish exports to the United States represent approximately 20% of all Irish exports, and have roughly the same value as Irish exports to the U.K. (inclusive of Northern Ireland). Exports to the United States include alcoholic beverages, chemicals and related products, electronic data processing equipment, electrical machinery, textiles and clothing, and glassware. Irish investment in the United States steadily increased during the economic boom times. Ireland is one of the top twenty sources of foreign direct investment in the U.S., with Irish food processing firms, in particular, expanding their presence."
"As of year-end 2008, the stock of U.S. foreign direct investment in Ireland stood at $146 billion, more than the U.S. total for China, India, Russia, and Brazil--the so-called BRIC countries--combined. Currently, there are approximately 600 U.S. subsidiaries in Ireland, employing roughly 100,000 people and spanning activities from manufacturing of high-tech electronics, computer products, medical supplies, and pharmaceuticals to retailing, banking, finance, and other services. In more recent years, Ireland has also become an important research and development (R&D) center for U.S. firms in Europe."