Dutch-American ties provide for more than 700,000 jobs
13 February, 2011↑News↑
The top 3 states benefiting the most from this economic relationship are Texas, California and Massachusetts.
Investment from and trade with the Netherlands supports more than 700,000 American jobs. This solid economic partnership is detailed in a new report issued by the Embassy.
The ties between the U.S. and the Netherlands pay concrete dividends in exports, imports and job creation in both countries. The top 3 states benefiting the most from this economic relationship are Texas, California and Massachusetts.
The Dutch are the 3rd largest investor ($237.9 billion) in the United States and vice-versa, the Netherlands is the no.1 destination for U.S. investments worldwide making it the largest foreign investor in the Netherlands ($471.5 billion).
"Economic Ties between the USA and the Netherlands: Allies in Open Markets for Mutual Prosperity” (http://www.economicties.org/) provides a state-by-state breakdown of Dutch foreign direct investments in the 50 states plus the District of Columbia and Puerto Rico; state exports to the Netherlands; and imports from the Netherlands. Using data derived from the U.S. Department of Commerce's Bureau of Economic Analysis and the Census Bureau, Economic Ties calculates that exports to the Netherlands and investment by Dutch companies such as AkzoNobel, Heineken, ING, Philips, Randstad, Royal Dutch Shell and Unilever supported more than 704,000 jobs in the United States from 2008-2009. The report includes a clickable map of the United States with state specific information on Dutch investment and trade.
In speaking on the significance of these ties, Dutch Ambassador Renée Jones-Bos stated, "The report makes clear that many American jobs are the result of trade and foreign investment. While not underestimating the importance of emerging markets, this report shows how important existing economic ties are and continue to be for growth and recovery. Our strong economic bond has been forged by four centuries of shared ideals, business values and a commitment to entrepreneurism.”
A Heineken representative in the U.S. added, "The United States has been an important export market for Heineken since the repeal of Prohibition”, stated Dan Tearno, Senior Vice President and Chief Corporate Relations Officer for Heineken USA. "The company's United States presence is a significant part of its history, its heritage and its success.”
AkzoNobel also noted its commitment to the U.S. "A strong, vibrant relationship between the Netherlands and United States has - and will continue to be - vital to the long term success of our company,” said Erik Bouts - managing director of AkzoNobel's U.S. Paints Business. "As the world's largest paints and coatings company, our U.S. interests are significant in terms of revenue generation, employee base and AkzoNobel shareholders. And recent announcements like becoming the primary paint supplier to Walmart's 3,500 U.S. stores with the Glidden brand provide not only near-term job creation, but more broadly, evidence that AkzoNobel has a bright future in the U.S.”
In Texas, Dutch foreign direct investment and Texas' exports to the Netherlands supported 100,062 jobs from 2008-2009. The Lone Star state exported $6.1 billion in goods to the Netherlands, while Dutch foreign direct investments totaled $9.4 billion or 7.9 percent of total FDI in the state. Of the top 20 US cities that trade with the Netherlands, Houston ranks in 2nd place, Port Arthur in 12th place, and Dallas holds the 19th position. Texas imported $1.5 billion in goods from the Netherlands, primarily mineral products at 34.1 percent of import categories.
The more than 60,000 jobs supported in California are part of the Dutch foreign direct investments in the state that accounts for $5.8 billion or 5.3 percent of total FDI to the state. The Netherlands is the 5th largest investor in California. In exports, the Golden State sent $3.6 billion of goods to the Netherlands with the largest category of items being instruments (medical, photographic etc.,) at 33.1 percent, followed by computers and electronics at 16.4 percent. Conversely, California imported $1.3 billion worth of goods from the Netherlands, with beverages being one of the largest categories of imports at nearly 20 percent.
Dutch support of 51,410 jobs in Massachusetts is equal to 8 percent of the population of Boston. Massachusetts received $3 billion in Dutch foreign direct investments, which comprised 11.6 percent of total FDI to the state. In exports, Massachusetts sent $2 billion worth of its products to the Netherlands with instruments being the largest category at 52.9 percent and imported $350 million in goods from the Netherlands.
Economic Ties between the USA and the Netherlands reveals fascinating data on the role of the Netherlands as a contributor to the economic engine of every state. For example, while New York ranks 5th for jobs supported by Dutch industry and exports to the Netherlands, New York City ranks in 1st place of the top 20 cities that trade with the Netherlands.
NB: FDI figures are positions on historical cost basis. The methodology is further explained here. The full report is available online at http://www.economicties.org/