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International Accounts Q1 2023 Final

Accounts with the UK and US

Accounts with the UK and the US

Current account with UK and US shows deficits

Online ISSN: 2565-6384

CSO statistical release, 14 July 2023, 11am

Current account with UK shows deficit of €4.3bn in Quarter 1 2023

	Merchandise	Services	Income	Current Account
Q4 2020	-1.679	4.29	-2.97	-0.359
Q1 2021	0.589	2.403	-0.497	2.496
Q2 2021	-0.72	3.826	-4.188	-1.081
Q3 2021	0.17	3.646	-4.629	-0.813
Q4 2021	-1.083	5.053	-3.452	0.52
Q1 2022	-1.508	3.352	-4.025	-2.18
Q2 2022	-1.573	4.289	-5.268	-2.552
Q3 2022	-5.748	4.053	-4.13	-5.824
Q4 2022	-2.36	4.176	-6.056	-4.24
Q1 2023	-1.48	3.65	-6.484	-4.315

Current account with UK (See Table 4.1)

Merchandise exports were €7,473m in the first quarter of 2023, an increase of €545m compared with the first quarter of 2022.
Merchandise imports were €8,953m in the first quarter of 2023, an increase of €517m compared with the same period in 2022.
Services exports at €10,202m increased by €464m compared to the first quarter of 2022, mainly due to transport and computer exports.
Services imports at €6,552m were up €166m over that same period in 2022, these figures were affected by increased levels of tourism and travel and business costs.
Investment income earned in UK at €8,246m, increased by €2,937m compared with one year earlier and investment income payable to UK investors at €14,754m increased by €5,387m.
When these effects are combined, the trade balance with the UK has increased by €324m and net income outflows have increased by €2,459m, compared with the first quarter of 2022. The result is a deficit of €4,315m in the first quarter of 2023, compared to -€2,180m over the same period in 2022.

The experimental table on foreign direct investment with UK (See Table 4.2); shows that direct investment in Ireland from the UK has increased by €2,629m in the first quarter of 2023 mainly due to increases in other capital and reinvestment earnings. Direct investment abroad from Ireland to the UK has also increased by €2,138m in the first quarter of 2023.

Table 4.1 Current Account with the UK

Table 4.1 Current Account with the UK													€ million
			2021	2022	2021				2022				2023
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹		Exports	25,807	30,330	5,594	6,140	6,732	7,341	6,928	7,965	7,599	7,838	7,473
		Imports	26,851	41,519	5,005	6,860	6,562	8,424	8,436	9,538	13,347	10,198	8,953

	of which: Merchanting (net export)	Exports	4,109	4,029	968	805	1,084	1,252	1,067	934	1,017	1,011	907

Services		Exports	39,669	43,552	8,182	9,827	10,191	11,469	9,738	10,937	11,549	11,328	10,202
		Imports	24,741	27,682	5,779	6,001	6,545	6,416	6,386	6,648	7,496	7,152	6,552
	Transport	Exports	1,168	2,901	116	178	490	384	344	716	1,174	667	595
		Imports	791	1,183	152	192	193	254	241	254	397	291	269
	Tourism and Travel²	Exports	287	1,130	17	20	108	142	120	300	418	292	259
		Imports	698	1,579	65	87	225	321	268	381	478	452	487
	Insurance	Exports	2,621	2,759	562	639	566	854	682	717	672	688	680
		Imports	1,783	1,996	519	419	409	436	459	456	570	511	506
	Financial services	Exports	7,132	7,069	1,207	1,992	1,955	1,978	1,863	1,776	1,877	1,553	1,642
		Imports	8,627	8,049	2,032	2,180	2,230	2,185	2,083	2,021	2,055	1,890	1,856
	Royalties/Licences	Exports	535	557	88	96	120	231	115	119	109	214	85
		Imports	293	473	74	64	81	74	116	121	118	118	117
	Computer services³	Exports	17,667	18,459	4,145	4,301	4,301	4,920	4,306	4,627	4,552	4,974	4,447
		Imports	411	279	69	98	127	117	47	68	75	89	40
	Business services	Exports	5,545	7,061	1,094	1,354	1,495	1,602	1,424	1,737	1,980	1,920	1,526
		Imports	10,951	12,977	2,609	2,690	2,960	2,692	2,889	3,051	3,539	3,498	3,054
	(of which: Operational leasing)	Exports	848	821	232	206	207	203	207	198	206	210	211
		Imports	141	129	*	*	*	*	*	*	*	*	*
	Other	Exports	4,712	3,617	953	1,246	1,156	1,357	885	945	767	1,020	968
		Imports	1,187	1,146	258	272	321	336	282	297	265	302	223

Merchandise and Services Total		Exports	65,477	73,881	13,776	15,967	16,923	18,811	16,666	18,901	19,148	19,166	17,675
		Imports	51,592	69,201	10,784	12,861	13,107	14,840	14,822	16,186	20,843	17,350	15,505

Trade balance		Net	13,886	4,680	2,993	3,107	3,815	3,971	1,845	2,715	-1,695	1,815	2,169

Primary Income		Inflows	22,149	26,102	5,348	5,649	5,062	6,090	5,339	6,559	6,844	7,360	8,280
		Outflows	35,151	45,779	5,904	9,896	9,750	9,601	9,416	11,879	11,026	13,458	14,809
	(of which : Investment Income)	Inflows	22,063	25,972	5,326	5,628	5,040	6,069	5,309	6,527	6,810	7,326	8,246
		Outflows	34,985	45,567	5,862	9,856	9,708	9,559	9,367	11,828	10,970	13,402	14,754
	Direct investment income	Inflows	3,320	3,522	857	952	324	1,187	577	1,462	991	492	847
		Outflows	1,703	1,221	-72	629	511	635	103	638	-47	527	873
	Portfolio investment income	Inflows	14,412	15,281	3,415	3,618	3,664	3,715	3,600	3,962	3,730	3,989	4,181
		Outflows	30,357	41,194	5,210	8,484	8,481	8,182	8,529	10,488	10,156	12,021	12,675
	Other investment income	Inflows	4,330	7,170	1,054	1,057	1,052	1,167	1,132	1,104	2,089	2,845	3,218
		Outflows	2,924	3,151	723	743	716	742	735	702	861	853	1,206

Secondary Income		Inflows	1,894	1,763	357	401	562	574	371	544	533	315	418
		Outflows	1,658	1,565	298	342	503	515	319	492	481	273	373

Income balance		Net	-12,766	-19,479	-497	-4,188	-4,629	-3,452	-4,025	-5,268	-4,130	-6,056	-6,484

Current Account - Total		Inflows	89,521	101,748	19,482	22,018	22,546	25,475	22,376	26,005	26,526	26,841	26,372
		Outflows	88,400	116,544	16,986	23,098	23,360	24,956	24,556	28,557	32,350	31,081	30,687

Current Account Balance with UK		Net	1,122	-14,796	2,496	-1,081	-813	520	-2,180	-2,552	-5,824	-4,240	-4,315
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fate receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of sofware that were not incorporated as part of computer hardware or physical media but separately transmitted by electronic means. The value of sales and purchases of additional software licences is also included.

Open in Excel: International Accounts Q1 2023 Table 4.1 (XLS 22KB)

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Table 4.2 Foreign Direct Investment with the UK

Current account with US shows deficit of €37.5bn in Quarter 1 2023

	Merchandise	Services	Income	Current Account
2014	17.954294211	-17.375467337	-0.114008611	0.464818263
2015	34.258515181	-27.599318674	1.010648051	7.669844558
2016	30.810616324	-34.92045611	1.967503749	-2.142336037
2017	28.138	-29.748	-6.835	-8.445
2018	35.115	-24.542	-6.061	4.512
2019	44.753	-22.381	-3.907	18.465
2020	51.396	-70.3	-1.7	-20.7
2021	41.4	-101.9	-49.6	-110.2
2022	53.5	-130.3	-81.4	-158.2

Current account with US (See Table 4.3)

Merchandise exports were €16,019m in the first quarter of 2023, a decrease of €2,472m compared with the first quarter of 2022.
Merchandise imports were €1,153m in the first quarter of 2023, a decrease of €1,204m compared with the first quarter of 2022.
Services exports at €10,912m increased by €614m compared to the first quarter of 2022.
Services imports at €40,518m were up €3,125m over that same period in 2022.
Investment income earned in the US at €12,153m, increased by €3,680m compared with one year earlier while investment income payable to US investors at €34,974m increased by €7,231m.
When these effects are combined, the trade balance with the US has decreased by €3,779m and net income outflows have increased by €3,540m, compared with the first quarter of 2022. The result is a current account balance deficit of €37,502m in the first quarter of 2023, down from a deficit of €30,183m in the first quarter of 2022.

These experimental tables showing the Current Account with the US annually and quarterly follow on from our note on Ireland’s Current Account with the US.

Table 4.3 Current Account with US - Annual

Table 4.3 Current Account with US - Annual										€ million
Item		2014	2015	2016	2017	2018	2019	2020	2021	2022
Current Account
Merchandise¹	Exports	27,734	47,998	47,072	43,081	51,959	63,952	66,274	53,057	65,270
	Imports	9,780	13,739	16,262	14,943	16,844	19,199	14,878	11,692	11,779
Net Merchandise		17,954	34,259	30,811	28,138	35,115	44,753	51,396	41,365	53,491

of which: International Trade	Exports	20,762	26,861	31,898	33,284	39,347	47,281	50,661	52,700	63,286
	Imports	8,115	9,695	12,212	14,398	15,334	14,412	11,475	14,897	18,805
of which: Goods for Processing	Exports	5,108	14,350	14,021	11,489	11,140	14,112	9,669	5,878	785
	Imports	1,456	2,390	1,055	518	1,538	4,697	-1,951	-4,355	-7,195

Services	Exports	9,039	13,577	14,570	17,713	23,402	35,836	33,044	41,071	42,412
	Imports	26,415	41,177	49,490	47,461	47,944	58,217	103,388	143,006	172,738
Net Services		-17,375	-27,599	-34,920	-29,748	-24,542	-22,381	-70,344	-101,935	-130,326


Merchandise and Services Total	Exports	36,773	61,575	61,642	60,794	75,361	99,788	99,318	94,128	107,682
	Imports	36,195	54,916	65,752	62,404	64,788	77,416	118,266	154,698	184,517

Trade balance	Net	579	6,659	-4,110	-1,610	10,573	22,372	-18,948	-60,570	-76,835

Primary Income	Inflows	13,487	15,487	16,761	18,488	21,419	28,541	25,781	34,768	42,745
	Outflows	13,658	14,547	14,866	25,457	27,609	32,589	27,641	84,529	124,274
Net Primary Income		-172	940	1,895	-6,969	-6,190	-4,048	-1,860	-49,761	-81,529

of which: Investment Income	Inflows	13,430	15,432	16,705	18,430	21,360	28,483	25,753	34,753	42,693
	Outflows	13,651	14,538	14,855	25,443	27,594	32,578	27,631	84,517	124,259
Direct investment income	Inflows	3,350	3,874	2,315	1,122	905	2,074	4,191	6,400	4,156
	Outflows	5,161	2,568	2,482	9,601	11,286	11,386	10,108	66,912	101,150
Portfolio investment income	Inflows	8,428	9,719	11,579	14,261	16,394	20,508	18,134	23,604	31,187
	Outflows	6,447	9,402	10,049	13,135	13,758	17,166	14,832	14,122	18,844
Other investment income	Inflows	1,652	1,839	2,812	3,047	4,061	5,901	3,428	4,749	7,350
	Outflows	2,043	2,568	2,324	2,707	2,550	4,026	2,691	3,483	4,265

Secondary Income	Inflows	419	542	464	582	526	557	687	290	1,024
	Outflows	362	471	391	448	397	416	545	138	862

Income balance	Net	-114	1,011	1,968	-6,835	-6,061	-3,907	-1,718	-49,609	-81,367

Current Account - Total	Inflows	50,680	77,604	78,867	79,864	97,306	128,886	125,786	129,186	151,451
	Outflows	50,215	69,934	81,009	88,309	92,794	110,421	146,452	239,365	309,653

Current Account Balance with US	Net	465	7,670	-2,142	-8,445	4,512	18,465	-20,666	-110,179	-158,202
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2023 Table 4.3 (XLS 13KB)

Table 4.4 Current Account with US - Quarterly

Table 4.4 Current Account with US - Quarterly												€ million
		2021	2022	2021				2022				2023
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹	Exports	53,058	65,270	17,915	14,228	14,104	6,811	18,491	15,154	15,872	15,753	16,019
	Imports	11,693	11,779	4,437	1,293	2,688	3,275	2,357	3,148	3,098	3,176	1,153
Net Merchandise		41,365	53,491	13,478	12,935	11,416	3,536	16,134	12,006	12,774	12,577	14,866

of which: International Trade	Exports	52,700	63,287	13,756	11,777	12,381	14,786	17,487	15,981	14,959	14,860	13,619
	Imports	14,896	18,805	3,412	3,367	3,521	4,596	4,016	5,127	4,936	4,726	4,122
of which: Goods for Processing	Exports	5,878	785	2,027	2,381	740	730	-950	900	-26	861	191
	Imports	-4,354	-7,196	-424	-1,779	-840	-1,311	-1,678	-2,037	-1,930	-1,551	-3,032

Services	Exports	41,071	42,413	9,337	9,641	9,991	12,102	10,298	10,493	10,322	11,300	10,912
	Imports	143,006	172,738	28,930	33,404	37,097	43,575	37,393	39,475	45,176	50,694	40,518
Net Services		-101,935	-130,325	-19,593	-23,763	-27,106	-31,473	-27,095	-28,982	-34,854	-39,394	-29,606


Merchandise and Services Total	Exports	94,129	107,683	27,252	23,869	24,095	18,913	28,789	25,647	26,194	27,053	26,931
	Imports	154,699	184,517	33,367	34,697	39,785	46,850	39,750	42,623	48,274	53,870	41,671

Trade balance	Net	-60,570	-76,834	-6,115	-10,828	-15,690	-27,937	-10,961	-16,976	-22,080	-26,817	-14,740

Primary Income	Inflows	34,768	42,744	7,731	8,840	9,245	8,952	8,487	11,481	11,108	11,668	12,165
	Outflows	84,529	124,274	22,014	21,489	15,527	25,499	27,746	29,905	31,297	35,326	34,980
Net Primary Income		-49,761	-81,530	-14,283	-12,649	-6,282	-16,547	-19,259	-18,424	-20,189	-23,658	-22,815

of which: Investment Income	Inflows	34,752	42,693	7,727	8,835	9,242	8,948	8,473	11,467	11,096	11,657	12,153
	Outflows	84,517	124,258	22,011	21,487	15,524	25,495	27,743	29,902	31,293	35,320	34,974
Direct investment income	Inflows	6,399	4,156	1,485	1,506	1,789	1,619	805	1,785	595	971	567
	Outflows	66,913	101,150	17,744	17,594	10,862	20,713	22,900	24,374	25,245	28,631	28,137
Portfolio investment income	Inflows	23,604	31,188	5,318	6,103	6,168	6,015	6,432	8,494	8,339	7,923	8,261
	Outflows	14,122	18,844	3,404	3,020	3,771	3,927	3,993	4,595	4,877	5,379	5,336
Other investment income	Inflows	4,749	7,349	924	1,226	1,285	1,314	1,236	1,188	2,162	2,763	3,325
	Outflows	3,482	4,264	863	873	891	855	850	933	1,171	1,310	1,501

Secondary Income	Inflows	290	1,024	85	73	12	120	172	200	344	308	219
	Outflows	138	862	47	35	-26	82	135	163	307	257	166

Income balance	Net	-49,609	-81,368	-14,245	-12,611	-6,244	-16,509	-19,222	-18,387	-20,152	-23,607	-22,762

Current Account - Total	Inflows	129,187	151,451	35,068	32,782	33,352	27,985	37,448	37,328	37,646	39,029	39,315
	Outflows	239,366	309,653	55,428	56,221	55,286	72,431	67,631	72,691	79,878	89,453	76,817

Current Account Balance with US	Net	-110,179	-158,202	-20,360	-23,439	-21,934	-44,446	-30,183	-35,363	-42,232	-50,424	-37,502
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2023 Table 4.4 (XLS 20KB)

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Table 4.2 Foreign Direct investment with the UK¹												€ million
		2021	2022	2021				2022				2023
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1

Direct Investment	Abroad	7,123	-2,202	2,270	2,626	-1,477	3,704	2,704	1,633	-5,173	-1,366	2,138
	In Ireland	-2,125	1,018	983	-418	-720	-1,970	83	-1,524	963	1,496	2,629

Equity	Abroad	3,208	1,951	909	2,107	-570	762	6,649	287	-3,290	-1695	1,113
	In Ireland	*	-854	-106	-391	-712	*	-166	-202	-689	203	18
Reinvested Earnings	Abroad	2,188	1,861	698	809	-431	1,112	303	1,297	140	121	343
	In Ireland	*	191	-118	570	-157	*	-129	409	-290	201	757
Other Capital	Abroad	1,727	-6,013	663	-290	-475	1,829	-4,248	50	-2,023	208	682
	In Ireland	9,603	1,684	1,208	-596	149	8,842	378	-1,730	1,942	1,094	1,854
¹For Direct Investment, a 'directional' categorisation is used: 'Abroad' 'indicates direct investment by Irish investors in British companies; British direct investment into Ireland is indicated by the heading 'In Ireland'.

International Accounts Q1 2023 Final

Accounts with the UK and US

Accounts with the UK and the US

Current account with UK and US shows deficits

Current account with UK shows deficit of €4.3bn in Quarter 1 2023

Current account with UK (See Table 4.1)

Current account with US shows deficit of €37.5bn in Quarter 1 2023

Current account with US (See Table 4.3)

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