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International Accounts Q2 2022

Goods and Services

Trade balance of €52.1bn in Q2 2022

Online ISSN: 2565-6384

CSO statistical publication, 02 September 2022, 11am

Ireland’s trade balance at €52.1bn, all goods and services exports less all goods and services imports, increased by €6.7bn in the second quarter of 2022 over the same period in 2021, mainly due to increased Merchandise exports and Computer services exports.

	Goods	of which International Trade
Q1 2020	60.99	44.224
Q2 2020	56.753	37.865
Q3 2020	61.252	40.543
Q4 2020	63.384	39.499
Q1 2021	67.641	40.353
Q2 2021	67.679	40.586
Q3 2021	71.697	41.079
Q4 2021	72.343	43.236
Q1 2022	78.473	52.257
Q2 2022	85.13	52.953

Merchandise exports were €85.1bn in the second quarter of 2022, an increase of €17.5bn compared with the same quarter of 2021.

	Goods	of which International Trade
Q1 2020	24.851	20.894
Q2 2020	22.487	17.714
Q3 2020	23.787	20.028
Q4 2020	29.041	24.992
Q1 2021	25.583	21.397
Q2 2021	27.542	25.839
Q3 2021	26.874	22.962
Q4 2021	32.051	28.476
Q1 2022	30.688	27.941
Q2 2022	36.048	35.669

Merchandise imports were €36bn in the second quarter of 2022, an increase of €8.5bn compared with the same period in 2021.

	Q2 2022	Q2 2021
Computer Services	48.823	42.044
Business Services	12.686	12.071
Financial Services	5.714	5.713
Other Services n.e.s	3.815	3.196
Insurance	3.603	3.261
Royalties/Licences	3.378	3.515
Transport	1.932	0.305
Tourism and Travel	1.212	0.297
Repairs and Processing	0.487	0.373
Communications	0.06	0.06

Service exports, at €81.7bn, increased by €10.9bn compared to the second quarter of 2021, mainly due to higher Computer services exports (which increased by €6.8bn) and higher Transport and Tourism services exports (which increased by €1.6bn and €0.9bn respectively).

	Q2 2022	Q2 2021
Business Services	31.322	25.691
Royalties/Licences	30.589	26.42
Financial Services	4.608	4.853
Insurance	3.355	2.797
Computer Services	2.718	2.113
Repairs and Processing	2.363	1.824
Tourism and Travel	1.492	0.182
Transport	1.468	1.098
Other Services n.e.s	0.624	0.466
Communications	0.197	0.188

Service imports, at €78.7bn, were up €13.1bn compared to the second quarter of 2021, mainly due to higher Royalties/licences imports and higher Business services imports (which increased by €4.2bn and €5.6bn respectively).

	Royalties/Licences Exports	of which Pharmaceutical	of which Information and Communication
Q1 2020	2.631	0.017	1.655
Q2 2020	2.753	0.037	1.614
Q3 2020	2.913	0.028	1.662
Q4 2020	4.423	0.052	2.953
Q1 2021	3.223	0.032	1.98
Q2 2021	3.515	0.038	2.227
Q3 2021	3.677	0.03	2.244
Q4 2021	5.029	0.057	3.204
Q1 2022	3.882	0.036	2.351
Q2 2022	3.378	0.071	1.876

	Royalties/Licences Imports	of which Pharmaceutical	of which Information and Communication
Q1 2020	18.863	2.829	0
Q2 2020	18.517	3.749	12.489
Q3 2020	16.216	2.93	10.931
Q4 2020	30.745	4.893	0
Q1 2021	22.529	2.919	0
Q2 2021	26.42	4.824	0
Q3 2021	27.664	3.654	0
Q4 2021	36.205	6.855	0
Q1 2022	28.857	4.008	0
Q2 2022	30.589	6.58	0

Please note: The figures for royalties/licences imports of which information and communication are suppressed due to confidentiality requirements.

Royalties/licences imports were €30.6bn in the second quarter of 2022, up €4.2bn on the same period in 2021.

Table 2.1 Breakdown of Merchandise Exports and Imports

Table 2.2 Breakdown of Services Exports and Imports

Table 2.2 Breakdown of Services Exports and Imports									€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Services	Exports	254,749	293,629	63,385	70,835	74,001	85,408	77,956	81,710
	Imports	326,465	293,053	57,895	65,632	68,855	100,671	72,514	78,736
Repairs and Processing	Exports	1,991	1,718	364	373	404	577	534	487
	Imports	7,361	8,189	1,978	1,824	1,836	2,551	2,158	2,363
Transport	Exports	2,607	2,656	167	305	1,234	950	810	1,932
	Imports	4,088	4,756	1,090	1,098	1,180	1,388	1,235	1,468
Tourism and Travel¹	Exports	2,095	2,272	350	297	715	910	806	1,212
	Imports	2,263	2,166	131	182	860	993	1,001	1,492
Insurance	Exports	11,415	13,681	3,251	3,261	3,439	3,730	3,558	3,603
	Imports	9,401	10,568	2,593	2,797	2,526	2,652	3,375	3,355
Financial services	Exports	19,437	22,153	5,507	5,713	5,681	5,252	4,981	5,714
	Imports	17,235	19,040	4,620	4,853	4,816	4,751	4,647	4,608
Royalties/Licences	Exports	12,720	15,444	3,223	3,515	3,677	5,029	3,882	3,378
	Imports	84,341	112,818	22,529	26,420	27,664	36,205	28,857	30,589
of which: Pharmaceutical products and preparations	Exports	134	157	32	38	30	57	36	71
	Imports	14,401	18,252	2,919	4,824	3,654	6,855	4,008	6,580
Information and communication	Exports	7,884	9,655	1,980	2,227	2,244	3,204	2,351	1,876
	Imports	57,320	80,386	*	*	*	*	*	*
Communications	Exports	247	237	58	60	60	59	59	60
	Imports	680	750	179	188	193	190	196	197
Computer services²	Exports	137,415	172,856	37,464	42,044	42,611	50,737	45,818	48,823
	Imports	8,342	8,342	1,788	2,113	2,118	2,323	2,387	2,718
Business services	Exports	56,768	49,858	10,404	12,071	13,304	14,079	14,719	12,686
	Imports	191,063	124,506	22,571	25,691	27,169	49,075	28,167	31,322
Research and development	Exports	17,665	6,300	1,157	1,435	1,695	2,013	1,166	1,336
	Imports	122,478	45,993	6,419	7,167	8,099	24,308	8,392	10,502
of which: IP related	Exports	13,109	1,297	216	337	535	209	101	103
	Imports	97,690	18,286	758	644	*	*	881	*
Operational leasing	Exports	17,638	16,888	4,056	4,206	4,285	4,341	4,360	4,148
	Imports	1,061	1,687	375	410	419	483	429	439
Misc. business services³	Exports	21,464	26,670	5,191	6,429	7,325	7,725	9,193	7,202
	Imports	67,523	76,826	15,777	18,114	18,650	24,285	19,346	20,381
Other services n.e.s.	Exports	10,055	12,754	2,597	3,196	2,875	4,086	2,789	3,815
	Imports	1,692	1,919	416	466	493	544	491	624
¹Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
²Covers 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.
³Covers mainly advertising and inter-affiliate management charges.

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Table 2.1 Breakdown of Merchandise Exports and Imports									€ million
		2020	2021	2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	242,379	279,360	67,641	67,679	71,697	72,343	78,473	85,130
	Imports	100,166	112,050	25,583	27,542	26,874	32,051	30,688	36,048

International trade	Exports	162,131	165,254	40,353	40,586	41,079	43,236	52,257	52,953
	Imports	83,628	98,674	21,397	25,839	22,962	28,476	27,941	35,669
Goods for processing	Exports	69,852	100,928	23,144	22,174	25,080	30,530	18,619	32,894
	Imports	9,191	9,597	2,205	1,777	3,116	2,499	1,703	-998
Other conceptual adjustments	Exports	-3,092	-10,293	-235	-2,652	-1,591	-5,815	-1,276	-2,254
	Imports	7,347	3,778	1,981	-75	796	1,076	1,045	1,378
Merchanting (net export)	Exports	13,489	23,472	4,380	7,571	7,129	4,392	8,874	1,536
¹Adjusted for balance of payments purposes.

International Accounts Q2 2022

Goods and Services

Goods and Services

Trade balance of €52.1bn in Q2 2022

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