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International Accounts Q2 2024

Accounts with the UK

Current account with UK shows a deficit of €7bn in Quarter 2 2024

Online ISSN: 2565-6384

CSO statistical release, 05 September 2024, 11am

	Merchandise	Services	Income	Current Account
Q1 2022	-1.531	3.573	-4.112	-2.068
Q2 2022	-1.593	4.51	-5.34	-2.422
Q3 2022	-2.369	4.39	-4.315	-2.295
Q4 2022	-2.367	4.372	-6.152	-4.147
Q1 2023	-2.209	3.862	-5.656	-4.003
Q2 2023	-1.313	3.64	-7.649	-5.323
Q3 2023	-1.889	4.548	-7.221	-4.562
Q4 2023	-2.21	4.704	-7.086	-4.592
Q1 2024	-0.99	3.269	-6.8	-4.521
Q2 2024	-1.415	3.982	-9.538	-6.971

Current account with UK (See Table 3.1)

Merchandise exports were €6,344m in the second quarter of 2024, a decrease of €1,316m compared with the second quarter of 2023.
Merchandise imports were €7,759m in the second quarter of 2024, a decrease of €1,214m compared with the same period in 2023.
Services exports at €12,269m increased by €908m compared to the second quarter of 2023, mainly due to both computer and financial services exports.
Services imports at €8,287m were up €566m over that same period in 2023, these figures were affected by increased levels of financial and computer services costs.
Investment income earned in UK at €12,179m, increased by €1,824m compared with one year earlier and investment income payable to UK investors at €21,708m increased by €3,716m.
When these effects are combined, the trade balance with the UK has increased by €240m and net income outflows have increased by €1,889m, compared with the second quarter of 2023. The result is a deficit of €6,971m in the second quarter of 2024, compared to a deficit of €5,323m in the same period in 2023.

The experimental table on foreign direct investment with UK (See Table 3.2); shows that direct investment in Ireland from the UK has increased by €430m in the second quarter of 2024 mainly due to an increase in reinvested earnings. Direct investment abroad from Ireland to the UK has also increased by €1,385m in the second quarter of 2024.

Table 3.1 Current Account with the UK

Table 3.1 Current Account with the UK										€ million
			2022	2023	2023				2024
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹		Exports	30,435	28,254	7,337	7,660	6,830	6,427	7,086	6,344
		Imports	38,295	35,875	9,546	8,973	8,719	8,637	8,076	7,759

	of which: Merchanting (net export)	Exports	4,041	3,008	782	713	792	721	782	713

Services		Exports	44,978	46,708	10,746	11,361	12,013	12,588	11,680	12,269
		Imports	28,133	29,954	6,884	7,721	7,465	7,884	8,411	8,287
	Transport	Exports	2,901	3,788	595	1,016	1,404	773	676	973
		Imports	1,092	1,078	288	267	247	276	254	245
	Tourism and Travel²	Exports	1,121	1,162	302	271	360	229	190	317
		Imports	1,654	2,267	426	615	611	615	549	648
	Insurance	Exports	2,756	2,944	686	731	687	840	668	773
		Imports	1,999	2,202	569	576	545	512	483	529
	Financial services	Exports	7,171	6,702	1,679	1,582	1,721	1,720	2,102	1,876
		Imports	8,145	8,214	1,941	2,151	2,044	2,078	2,709	2,460
	Royalties/Licences	Exports	570	579	84	123	146	226	124	89
		Imports	254	502	66	94	*	*	40	100
	Computer services³	Exports	19,302	20,078	4,687	4,664	5,066	5,661	5,436	5,509
		Imports	515	432	106	111	*	*	286	299
	Business services	Exports	7,523	6,975	1,739	1,905	1,584	1,747	1,522	1,546
		Imports	13,291	14,201	3,258	3,639	3,366	3,938	3,869	3,745
	(of which: Operational leasing)	Exports	902	952	249	242	228	233	246	251
		Imports	132	130	*	*	*	*	*	*
	Other	Exports	3,634	4,478	975	1,068	1,044	1,391	962	1,186
		Imports	1,186	1,059	231	268	279	281	222	261

Merchandise and Services Total		Exports	75,414	74,963	18,084	19,021	18,843	19,015	18,767	18,614
		Imports	66,427	65,829	16,430	16,694	16,184	16,521	16,487	16,046

Trade balance		Net	8,986	9,135	1,654	2,327	2,659	2,495	2,280	2,567

Primary Income		Inflows	26,111	42,282	9,997	10,422	10,509	11,354	11,486	12,251
		Outflows	46,209	69,889	15,693	18,086	17,747	18,363	18,329	21,828
	(of which : Investment Income)	Inflows	25,859	42,014	9,930	10,355	10,442	11,287	11,419	12,179
		Outflows	45,847	69,506	15,598	17,992	17,653	18,263	18,234	21,708
	Direct investment income	Inflows	3,519	5,240	1,441	1,081	1,041	1,677	1,930	1,506
		Outflows	1,195	4,610	636	792	1,585	1,597	1,049	1,107
	Portfolio investment income	Inflows	15,420	19,792	4,742	4,904	4,935	5,211	5,240	6,097
		Outflows	41,494	58,857	13,630	15,776	14,608	14,843	15,301	18,643
	Other investment income	Inflows	6,922	16,980	3,746	4,370	4,466	4,398	4,249	4,576
		Outflows	3,158	6,040	1,332	1,424	1,461	1,823	1,883	1,958

Secondary Income		Inflows	1,755	2,015	468	526	537	484	536	551
		Outflows	1,576	2,020	428	511	520	561	493	512

Income balance		Net	-19,919	-27,612	-5,656	-7,649	-7,221	-7,086	-6,800	-9,538

Current Account - Total		Inflows	103,280	119,259	28,549	29,969	29,889	30,852	30,789	31,415
		Outflows	114,212	137,739	32,552	35,292	34,451	35,444	35,309	38,386

Current Account Balance with UK		Net	-10,932	-18,480	-4,003	-5,323	-4,562	-4,592	-4,521	-6,971
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 Q2 2024 Table 3.1 (XLS 14KB)

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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
		2022	2023	2023				2024
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	-2,192	6,460	2,481	2,996	-432	1,415	-672	1,385
	In Ireland	-7,475	1,833	1,901	395	200	-663	-417	430

Equity	Abroad	1,997	3,811	1,184	2,014	659	-46	-780	77
	In Ireland	-9,213	-30	121	-628	-173	650	-28	234
Reinvested Earnings	Abroad	1,844	2,569	874	581	-218	1,332	1,656	1,170
	In Ireland	218	3,291	560	511	722	1,498	537	587
Other Capital	Abroad	-6,032	80	423	401	-873	129	-1,548	138
	In Ireland	1,522	-1,428	1,220	513	-350	-2,811	-925	-391
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 2024

Accounts with the UK

Accounts with the UK

Current account with UK shows a deficit of €7bn in Quarter 2 2024

Current account with UK (See Table 3.1)

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