Martin Ferris (Kerry North, Sinn Fein)
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Question 12: To ask the Minister for Enterprise, Trade and Employment if the growing strength of the euro, which is projected by economists to reach above $1.60 in the months ahead, is having an impact on Ireland's trade links with the US; and if he will make a statement on the matter. [16608/08]

Micheál Martin (Cork South Central, Fianna Fail)
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In 2007 Ireland's total merchandise trade (exports and imports) with the United States, totalled €22.81 billion, virtually unchanged from the 2006 figure of €22.99 billion. The value of our merchandise exports to the United States reached €15.78 billion, down 2.49% on the 2006 level of €16.18 billion. The value of our merchandise imports reached €7.03 billion, up from €6.81 billion in 2006, a rise of 3.23%. Overall Ireland had a merchandise trade surplus with the United States of €8.75 billion.

The evolving nature of the Irish economy has led to an increasing emphasis on our services trade, which represents an important part of our overall trade with the United States. In 2006, the last full year for which individual country statistics are available, while the level of our imports from the United States rose to €21.31 billion, a 7.21% increase on 2005, noticeably our services exports rose to €8.31 billion, an increase of 101% on 2005.

Considering the possible trading difficulties posed by the decline in the exchange rate of the US Dollar against the Euro, a factor which is outside the control of Government, these levels of trade are, I believe, commendable, and a credit to the Irish exporting sector. I am acutely aware of the difficulties we face, and it is likely that if present US dollar/Euro currency trends continue, 2008 will also be a difficult period for trade between Ireland and the United States. However, my Department and Enterprise Ireland (EI) will continue in their efforts to ensure that our overall level of exports, not just to the United States, which is our single biggest merchandise export market destination, are maintained.

In September last year I led a Trade Mission of 34 Irish companies to New York, Boston and Washington. The outcome was very satisfactory and the companies announced over $40 million in new business sales and partnership deals with US customers, during that mission.

To maximise their efforts, Enterprise Ireland have five offices in the United States and their primary focus is to increase sales and partnership deals for their client companies in the United States market. There are over 200 EI client companies in 1,300 locations across the US. These companies employ over 80,000 people in all 50 States. Enterprise Ireland's work is facilitated through client-buyer introductions, market intelligence support in market entry/validation and an extensive range of focused group projects, targeted at specific industries or regional areas. In the coming years, EI will work intensively with its client companies to grow their business.

The value of EI's export promotional activities is illustrated by the fact that exports from EI supported companies to the Americas region increased by approximately 10% between 2006 and 2007. The vast majority of these exports are to the United States.