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Beyond Virginia
 
Start the New Year Going Back to the Old Country - Ireland / United Kingdom Trade Mission

History is said to repeat itself. However, you can also get left off the pages of history by not making a mark when you had the chance. On a trade mission, you can experience the wonder of the old country while making new history. This January, you will have an opportunity to establish new contacts and hopefully develop new clients or new partnerships. The VEDP is leading an international business trip to Ireland and the UK. The robust economies of the UK and Ireland are performing much better than continental Europe. Virginia's service and product exporters will find accessible markets in the UK and Ireland.

Here are some ideas why Ireland and the U.K. might be a good market for you.

Did you know?
  • The U.S. is the 2nd ranked supplier of goods to the U.K. & Ireland while we were the largest import market for British & Irish goods in 2004.
  • In the U.K., GDP ran $1.43 billion, GDP per person $24,300, and unemployment 4.4%.
  • Ireland has cut their unemployment in half (10%) and doubled their GDP per person ($26,500) over the last 10 years. GDP in 2004 grew a hearty 5.6% to $102 million.
  • In May 2005, Irish President Mary McAleese visited the U.S. on a high-tech trade mission and described their whirlwind transformation into the "Celtic Tiger". While exports may have fueled Ireland's transformation, their principal imports are:
    • vehicles,
    • organic chemicals,
    • wadding, felt, twine, rope,
    • plastics,
    • machinery and mechanical appliances and parts,
    • electrical machinery, equipment, and parts,
    • precious stone, metals,
    • optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments/apparatus; parts & accessories,
    • and wood.


    What's in it for you?
    • The United Kingdom is the U.S.'s 4th largest market with exports of $35.96 billion in 2004. Ireland ranked 20th with $8.17 billion in exports. Exports for 2005 are outpacing last year which grew about 6% in each market.
    • The U.K. was also Virginia's 4th largest export market with $663.3 million and the trend for 2005 is up for all major products except aircraft. Virginia exports to Ireland grew 19.15% over 2003 amounting to $54.9 million in 2004.
    • Leading exports via Virginia to the U.K. consist of: machinery, aircraft, optical/medical equipment, plastics, electrical machinery, vehicles, aluminum, and wood.
    • To Ireland, Virginia shipped largely: vehicles, chemicals, wadding/felt/twine/rope, plastics, machinery, electrical machinery, precious stones/metals, optical/medical equipment, & wood.


    Want to know more? Click here to download FastFacts 2005

    Never thought about Ireland or the U.K.?
    1. You might start by getting preliminary data on your product going into Ireland and the U.K. The VEDP's research staff can provide you reports on what is going into these countries. For assistance, contact your local International Trade Manager or email ITR@YesVirginia.org.
    2. You still have time to consider a Global Market Research project to verify market information and survey prospects. A GMR is primary research done by in-country consultants within 70 days. It is subsidized and guaranteed by the VEDP! For more details, click here.
    3. Join us on a Trade Mission to London and Dublin, March 6 - 10th, 2006. Let the VEDP international trade professionals coordinate your travel, pre-screen prospects, and schedule meetings so your venture is rewarding.
    Diane Thomas, our International Trade Manager for Southwest Virginia, has led many international business trips and will be the Trade Mission leader for this upcoming trip to Dublin and London. Diane will gladly provide you with more detailed information about Trade Mission opportunities. Feel free to contact her at: dthomas@yesvirgina.org or call (276) 623-1536.

    Don't miss this opportunity - space is limited! Click here for more details.

    You can register online for this event before January 20, 2006.

    For more information on the VEDP, please visit our website at: www.ExportVirginia.org

    Sources:
    1. World Trade Atlas. U.S. State Export Edition. Annual 2004. Global Trade Information Systems. www.gtis.com/state
    2. Comtrade. Commodity Trade Statistics Database. Annual 2004. United Nations Statistics Division. http://unstats.un.org/unsd/comtrade/