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International Accounts Q2 2022

Accounts with the UK

Current account with the UK shows a deficit of €1bn in Quarter 2 2022

Online ISSN: 2565-6384

CSO statistical release, 02 September 2022, 11am

	Merchandise	Services	Income	Current Account
Q1 2020	-0.628	3.336	-3.392	-0.684
Q2 2020	-0.69	3.255	-2.747	-0.181
Q3 2020	-0.572	4.033	-2.467	0.993
Q4 2020	-1.679	4.475	-2.193	0.603
Q1 2021	0.586	3.519	-2.253	1.852
Q2 2021	-0.67	4.095	-3.927	-0.504
Q3 2021	0.143	3.948	-3.852	0.239
Q4 2021	-1.013	5.274	-2.694	1.567
Q1 2022	-1.436	4.206	-3.157	-0.388
Q2 2022	-1.231	5.066	-4.881	-1.046

Current account with UK (See Table 3.1)

Merchandise exports were €8,096m in the second quarter of 2022, an increase of €1,952m compared with the second quarter of 2021.
Merchandise imports were €9,327m in the second quarter of 2022, an increase of €2,513m compared with the same period in 2021.
Services exports at €11,197m increased by €1,394m compared to the second quarter of 2021, mainly due to transport and computer exports.
Services imports at €6,131m were up €423m over that same period in 2021, these figures were affected by increased levels of business and tourism and travel costs.
Investment income earned in the UK at €6,269m, increased by €725m compared with one year earlier and investment income payable to UK investors at €11,184m increased by €1,671m.
When these effects are combined, the trade balance with the UK has increased by €411m and net income outflows have increased by €954m, compared with the second quarter of 2021. The result is a current account balance of -€1,046m in the second quarter of 2022, compared to -€504m over the same period in 2021.

The experimental table on foreign direct investment with the UK (See Table 3.2); shows that direct investment in Ireland from the the UK has decreased by €2,197m in the second quarter of 2022 mainly due to decreases in other capital and equity. Direct investment abroad from Ireland to the UK has increased by €1,081m in the second quarter of 2022.

Table 3.1 Current Account with the UK

Table 3.1 Current Account with the UK									€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	20,367	25,766	5,598	6,144	6,721	7,303	6,950	8,096
	Imports	23,936	26,720	5,012	6,814	6,578	8,316	8,386	9,327

of which: Merchanting (net export)	Exports	3,464	4,117	970	807	1,086	1,254	1,091	939

Services	Exports	39,007	40,241	8,987	9,803	10,166	11,285	10,033	11,197
	Imports	23,908	23,405	5,468	5,708	6,218	6,011	5,827	6,131
Transport	Exports	923	1,021	80	141	453	347	306	716
	Imports	680	787	152	192	193	250	240	251
Tourism and Travel²	Exports	305	286	17	20	107	142	138	201
	Imports	605	698	65	87	225	321	258	337
Insurance	Exports	1,963	2,621	562	639	566	854	649	696
	Imports	1,686	1,788	520	420	410	438	399	454
Financial services	Exports	7,140	8,066	1,969	2,079	2,039	1,979	1,928	1,838
	Imports	6,632	7,821	1,844	1,989	2,039	1,949	1,844	1,813
Royalties/Licences	Exports	372	533	88	96	120	229	140	128
	Imports	353	290	74	63	80	73	61	55
Computer services³	Exports	15,030	17,627	4,135	4,291	4,291	4,910	4,381	4,701
	Imports	264	380	62	90	119	109	75	95
Business services	Exports	8,626	5,122	1,122	1,224	1,371	1,405	1,266	1,605
	Imports	12,568	10,390	2,475	2,558	2,828	2,529	2,679	2,824
(of which: Operational leasing)	Exports	806	787	216	191	192	188	206	187
	Imports	144	139	*	*	*	*	*	*
Other	Exports	4,646	4,963	1,014	1,313	1,219	1,417	1,225	1,311
	Imports	1,120	1,247	275	308	324	340	273	301

Merchandise and Services Total	Exports	59,374	66,006	14,585	15,946	16,887	18,588	16,983	19,292
	Imports	47,844	50,125	10,480	12,522	12,796	14,327	14,214	15,458

Trade balance	Net	11,531	15,881	4,105	3,424	4,091	4,261	2,769	3,835

Primary Income	Inflows	22,553	22,790	5,696	5,566	5,530	5,998	5,670	6,301
	Outflows	33,553	35,756	8,009	9,553	9,442	8,752	8,879	11,234
(of which : Investment Income)	Inflows	22,433	22,704	5,674	5,544	5,509	5,977	5,640	6,269
	Outflows	33,345	35,591	7,967	9,513	9,401	8,710	8,831	11,184
Direct investment income	Inflows	2,740	3,284	912	667	582	1,123	736	1,020
	Outflows	1,717	1,533	-107	590	477	573	50	457
Portfolio investment income	Inflows	14,243	14,545	3,503	3,666	3,716	3,660	3,650	3,948
	Outflows	28,493	30,958	7,307	8,137	8,164	7,350	8,036	10,023
Other investment income	Inflows	5,450	4,875	1,260	1,211	1,211	1,193	1,253	1,300
	Outflows	3,135	3,099	767	786	760	786	745	704

Secondary Income	Inflows	1,723	1,926	365	409	570	582	431	604
	Outflows	1,522	1,686	305	349	510	522	379	552

Income balance	Net	-10,799	-12,726	-2,253	-3,927	-3,852	-2,694	-3,157	-4,881

Current Account - Total	Inflows	83,650	90,722	20,646	21,921	22,987	25,168	23,084	26,197
	Outflows	82,919	87,569	18,795	22,424	22,749	23,601	23,472	27,243

Current Account Balance with UK	Net	731	3,154	1,852	-504	239	1,567	-388	-1,046
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers exports and imports of software 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 Q2 2022 Table 3.1 (XLS 20KB)

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Visit Table BPQ36 on PxStat

Visit Table BPQ37 on PxStat

Table 3.2 Foreign Direct Investment with the UK

Next chapter: Foreign Direct Investment

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Table 3.2 Foreign Direct investment with the UK¹									€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	8,628	3,985	1,124	1,459	-1,021	2,423	-80	1,081
	In Ireland	2,043	-1,997	907	-351	-858	-1,695	-1,166	-2,197

Equity	Abroad	18,885	373	-291	1,073	-321	-88	2,096	-128
	In Ireland	-3,708	*	-144	-433	-759	*	-907	-823
Reinvested Earnings	Abroad	1,978	2,158	755	524	-172	1051	*	837
	In Ireland	93	*	-146	535	-190	*	-578	267
Other Capital	Abroad	-12,235	1,453	660	-138	-528	1459	*	371
	In Ireland	5,658	10,058	1,196	-452	91	9,223	319	-1,642
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'.

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International Accounts Q2 2022

Accounts with the UK

Accounts with the UK

Current account with the UK shows a deficit of €1bn in Quarter 2 2022

Current account with UK (See Table 3.1)

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