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In 2001, trade between Ireland and the United States was worth around $25.7 billion, an increase over 1999. U.S. exports to Ireland were valued at $7.15 billion, an
increase of about over 1999 and 18% of Ireland's total imports. The range of U.S. products includes electrical components, computers and peripherals, drugs and pharmaceuticals, electrical equipment, and
livestock feed. Irish exports to the United States grew to $18.5 billion in 2001, representing about 20% of all Irish exports. Exports to the United States include alcoholic beverages, chemicals and
related products, electronic data processing equipment, electrical machinery, textiles and clothing, and glassware.
In 2001, the recent trend of a U.S. trade deficit with Ireland continued. Overall, the value of U.S. imports from Ireland exceeded the value of U.S. exports to Ireland by
$11.4 billion. Nonetheless, given the continued favorable outlook for the Irish economy, sales opportunities for U.S. producers in Ireland are expected to improve. Export-Import Bank financing and the
presence of major U.S. banks in Ireland facilitate marketing by U.S. suppliers.
The United States currently contributes $25 million annually to the International Fund for Ireland, a program that supports cross-border initiatives and economic
development.
U.S. investment has been particularly important to the growth and modernization of Irish industry over the past 25 years, providing new technology, export capabilities, and
employment opportunities. The stock of U.S. investment in Ireland was valued at $33 billion in 2001. Currently, there are more than 590 U.S. subsidiaries, employing approximately 100,000 people and
spanning activities from manufacturing of high-tech electronics, computer products, medical supplies, and pharmaceuticals to retailing, banking and finance, and other services.
Many U.S. businesses find Ireland an attractive location to manufacture for the EU market, since it is inside the EU customs area. Government policies are generally
formulated to facilitate trade and inward direct investment. The availability of an educated, well-trained, English-speaking work force and relatively moderate wage costs have been important factors.
Ireland offers good long-term growth prospects for U.S. companies under an innovative financial incentive program, including capital grants and favorable tax treatment, such as a low corporation income
tax rate for manufacturing firms and certain financial services firms.
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