Trade links between the United States (US) and Republic of Ireland have traditionally revolved around agricultural yields, with the Emerald Isle renowned for its green fields and dairy products.
However, the relationship between the nations is evolving, with Irish businesses now making waves in cutting-edge sectors such as technology, medical devices and cybersecurity.
They have successfully established themselves as major players in the US market, but they are also working to expand their dominance across global commerce.
Ireland’s commercial ties with the US are a testament to the country’s innovative spirit, global reach and the adaptability of the nation’s economy.
Numerous Irish companies have established a strong foothold in the US, and their expansion has created plenty of jobs and boosted the nation’s economy.
None of that would have been possible without the large market and skilled workforce the US has to offer, which paints a clearer picture of the importance of trade links between both countries.
How the Trade Links Between the US and Ireland Have Evolved
Ireland’s trade business with the US previously centred around agricultural products. Irish butter, milk and food supplements featured heavily on the shelves in American stores.
These sectors are still important in the grand scheme of things, but Ireland and the US have taken their economic partnership up a notch, with the former making waves in the technology sector.
A growing number of Irish companies are proving their mettle in the highly competitive American tech market, especially in cybersecurity and software development.
Tines is a decent example of this diversification. Despite only making its debut in the tech scene four years ago, the cybersecurity start-up recently partnered with the Oak Ridge National Laboratory.
Oak Ridge is a cornerstone of US government research, so getting the gig to bolster its cybersecurity network is a huge deal for the Ireland headquartered company.
The American organisation operates the world’s fastest supercomputer and has several lucrative projects in fusion, fission and neutron research.
Working with Oak Ridge is a huge boost for Times, further bolstering its reputation as one of the leaders in cybersecurity across the country.
Several other Irish companies are making their mark in the American tech industry, with many focusing on innovation, cybersecurity and software development.
Flutter Entertainment & the Expansion of Irish Influence in US Markets
The gaming sector is another avenue Irish companies have capitalised on in the US market and Flutter Entertainment is playing a key role in this expansion.
Headquartered in Dublin, Flutter is a powerhouse in the online gambling industry and boasts several betting brands such as Paddy Power, Betfair and FanDuel as part of their portfolio.
Flutter has a primary listing in the New York Stock Exchange (NYSE) – a move that stemmed from a desire to tap into the highly lucrative US market that has legalised sports betting in numerous states.
Their US operations witnessed a mouth-watering boom this year, driven by the growing demand for sports betting and online gambling services in the country.
Flutter projected a 20 percent yearly increase in group revenue and a 34% rise in adjusted earnings before interest, taxes, depreciation and amortisation by the end of the year.
The company’s focus on offering the best pricing and customer experience through its betting apps and other gaming platforms has helped to secure a tantalising share of the US sports betting market.
Flutter’s decision to move their listing to New York is proving to be a masterstroke by the gambling giants, with their average monthly users also rising to 14.3 million this year.
Irish companies have found a fertile ground for generative revenue in America’s vast consumer base and Flutter’s success highlights the crucial role the digital economy now plays in strengthening Irish-US trade.
FDI Ranking Emphasises the Strength of the Trade Relationship
The growth of Irish trade with the United States has been remarkable. Despite Ireland’s relatively small population, it is ranked among the top six worldwide for foreign investment in the US.
The impressive milestone puts them ahead of much larger economies such as Italy, South Korea and Mexico.
Ireland’s business-friendly policies, highly-skilled workforce and a government that recognises the importance of international trade are among the key factors driving their success.
The Irish government actively promotes international trade through agencies such as Enterprise Ireland. Chief Executive Officer Leo Clancy claims that Irish exports to the US have increased by nearly 60% in the last five years.
The US was the second-fastest-growing market for Irish businesses after the United Kingdom in 2022.
Irish companies operating in pharmaceuticals, medical technology and business management have thrived in the American market, further highlighting the strong trade ties between the two nations.
