The Irish economy has been one of Europe’s more dramatic success stories.
In the 1990s, Ireland was known as the ‘Celtic Tiger’, a term that equated it with the so-called ‘Asian Tiger’ economies – Hong Kong, Singapore, South Korea and Taiwan – whose astronomical economic growth, fuelled by exports and industrialisation, had been stunning the world.
But when the global financial crisis struck in 2008, things took a turn for the worse resulting in an IMF bailout worth €64 billion. By 2016 Ireland had hit its stride again, boasting growth of 5.2 per cent – then the fastest growing country in the Eurozone. Exports were, and continue to be, a principle driver of this growth.
In 2017, Ireland exported US$135 billion worth of goods and this year, up 4.4 per cent from the previous year. Hot on the heels of St Patrick’s Day, we speak with IAG Cargo Ireland about the shipments currently bolstering the Emerald Isle.
- WOUND THERAPY KITS and VACCINES
Destination: USA (Dallas, Chicago and Los Angeles); Japan and South Africa (Tokyo and Cape Town)
Pharmaceuticals made up the largest sector of exports departing from Ireland last year – as one of Ireland’s main industries, it employs 25,000 people across the country.
- MILK POWDER
Destination: USA (Orlando and Austin)
Ireland is the 10th largest dairy export nation in the world, exporting 85 per cent of all dairy products, and produces around 10 per cent of global exports of infant milk formula.
- AIRCRAFT SEATS
Destination: USA (Seattle)
Home to one of Boeing’s largest production centres, the State of Washington is a hub for aerospace manufacturing. According to the state’s Commerce Department, more than 136,000 workers produce 1,400 aircraft and unmanned aerial systems each year, manufacturing almost 90 per cent of commercial aircraft made in the USA. Irish aircraft seats will be assembled within many of the aircraft manufactured in Washington.
- ENGINE PARTS
Destination: United States (Houston)
Houston is another large manufacturing centre, employing almost a quarter of a million workers and US$80 billion in goods each year. It’s also home to a NASA space centre, and the aviation community includes more than 150 businesses.