Irish exports to North America reached a record €6.48bn in 2023, according to new Government figures.
The data comes as Enterprise Minister Peter Burke, TD, leads an Enterprise Ireland and IDA Ireland investment mission to the United States.
Exports from Ireland to the United States increased by almost 60% in the past five years. North America now accounts for 19% of all exports by Enterprise Ireland backed companies.
“Irish companies already make a significant impact to the United States economy, with exports to North America exceeding €6bn in 2023”
Several Enterprise Ireland companies will announce new market presences and expansion plans in the United States during the Trade Mission, including Version 1, Novum, Tines, Uniphar, Intact Software and Apple Green. The new office announcements signify the growing presence of Irish businesses in the US market and their commitment to providing localised services to their American clients.
Coming to America
80 new market presences have been established by Enterprise Ireland clients in the United States in the last 18 months. There are currently over 900 Irish owned companies exporting to the United States, an estimated 73% of these having a full-time presence in the market, ranging from sales offices to manufacturing operations with thousands of employees.
The travelling delegation will have a series of meetings with C-Suite executives from some of the most innovative companies in the world, such as, Analog Devices, BD, Citi, JP Morgan, PepsiCo and State Street which employ a significant number of people across Ireland. This Trade Mission offers an opportunity to build and enhance our partnerships and highlight how Ireland offers a stable and pro-business environment for investment.
IDA Ireland clients from North America have 972 operations in Ireland, employing over 210,000 people directly. Most recent figures available show that US companies spent approximately €16bn on payroll in Ireland in 2022, €10.8bn on goods & services and invested approximately €14.2bn of Capital Expenditure.
“Trade missions to key cities on the East Coast, such as New York and Boston, play a pivotal role in promoting thriving entrepreneurship between the United States and Ireland,” Minister Burke said.
“Irish companies already make a significant impact to the United States economy, with exports to North America exceeding €6bn in 2023. I look forward to promoting Ireland as both a source of world-class products and services and as a world-leading destination for FDI on my visit.”
The trade mission will include an Enterprise Ireland and Ireland Strategic Investment Fund (ISIF) co-hosted Venture Capital Breakfast roundtable in New York City. Enterprise Ireland clients VRAI, Get Visibility and Vaultree will pitch during the programme.
As well as high-level meetings with IDA Ireland clients in financial services, technology and life sciences the mission will visit AppleGreen’s newest site in Ardsley, Westchester County, New York, as well as Workhuman’s new 157,000 sq ft office in Framingham, Massachusetts.
Also during the mission it is anticipated that Enterprise Ireland will announce a partnership with CHIEF, a private women’s business networking organisation for senior executives to support Enterprise Ireland women leaders, based in the United States.
“The expansion of Irish companies into the United States market is a testament to the robustness and competitiveness of our home-grown businesses,” said Leo Clancy, CEO of Enterprise Ireland.
“Enterprise Ireland are proud to support these companies as they continue to innovate, grow, and create jobs both in Ireland and the United States. Demand for Irish innovation in North America is at an all-time high and today’s announcements are a great reflection of the market opportunity that the United States represents, with North America being Enterprise Ireland clients’ third largest export market in 2023.”
IDA Ireland CEO, Michael Lohan added: “2024 marks the centenary of the economic relationship between Ireland and the United States and I will be using this trade mission to remind investors of Ireland’s global position as a stable location for investment and expansion. Throughout the week, we will be meeting with some of the largest and most dynamic companies in the technology, financial services and life sciences sectors, both existing and new, who are seeking a pro-business location to grow their businesses.
“Competition for foreign direct investment has never been as intense and trade missions like this enable IDA Ireland to increase awareness of Ireland’s offering as an attractive place to invest and to grow. I will use the opportunity to highlight how IDA Ireland is partnering with clients on delivering competitiveness-enhancing, transformative investments with a focus on R&D, digitalisation, sustainability and talent development. I look forward to discussing these opportunities with our existing and target companies in person on this trip.”
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