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International Accounts Q2 2025

Accounts with the UK and US

Accounts with the UK and the US

Current Account Balances with UK and US both show deficits for Quarter 2 2025

Online ISSN: 2565-6384

CSO statistical release, 04 September 2025, 11am

Current account with UK shows a deficit of €8bn in Quarter 2 2025

	Merchandise	Services	Income	Current Account
Q1 2023	-2.379	4.073	-5.71	-4.015
Q2 2023	-1.436	4.09	-7.967	-5.312
Q3 2023	-2.072	4.888	-7.254	-4.438
Q4 2023	-2.397	5.013	-7.129	-4.514
Q1 2024	-0.932	3.586	-7.615	-4.962
Q2 2024	-1.406	4.113	-8.887	-6.181
Q3 2024	-1.557	5.856	-9.181	-4.881
Q4 2024	-1.957	5.163	-9.637	-6.431
Q1 2025	-1.874	4.484	-8.061	-5.45
Q2 2025	-1.335	5.041	-11.438	-7.732

Current account with UK (See Table 3.1)

Merchandise exports were €6,261m in the second quarter of 2025, a decrease of €1m compared with the second quarter of 2024.
Merchandise imports were €7,596m in the second quarter of 2025, a decrease of €72m compared with the same period in 2024.
Services exports at €13,980m increased by €1,419m compared to the second quarter of 2024, mainly due to computer services and business services exports.
Services imports at €8,939m were up €491m over that same period in 2024, these figures were affected by increased levels of financial services imports.
Investment income earned in UK at €10,162m, decreased by €2,834m compared with one year earlier and investment income payable to UK investors at €21,574m decreased by €304m.
When these effects are combined, the trade balance with the UK has increased by €999m and net income outflows have increased by €2,551m, compared with the second quarter of 2024. The result is a deficit of €7,732m in the second quarter of 2025, compared to a deficit of €6,181m in the same period in 2024.

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 €1,237m in the second quarter of 2025 mainly due to an increase in equity investment in Ireland from the UK. Direct investment abroad from Ireland to the UK has increased by €1,251m in the second quarter of 2025.

Table 3.1 Current Account with UK

Table 3.1 Current Account with UK										€ million
			2023	2024	2024				2025
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹		Exports	27,732	26,088	7,132	6,262	6,225	6,469	6,010	6,261
		Imports	36,016	31,940	8,064	7,668	7,782	8,426	7,884	7,596

	of which: Merchanting (net export)	Exports	2,584	2,742	680	610	718	734	735	659

Services		Exports	47,682	52,733	11,852	12,561	14,036	14,284	12,596	13,980
		Imports	29,618	34,015	8,266	8,448	8,180	9,121	8,112	8,939
	Transport	Exports	3,788	3,883	676	973	1,407	827	607	1,196
		Imports	1,077	1,015	254	242	247	272	259	243
	Tourism and Travel²	Exports	1,162	1,176	190	317	395	274	178	284
		Imports	2,267	2,411	443	705	630	633	668	677
	Insurance	Exports	3,007	3,051	682	781	770	818	776	971
		Imports	2,248	2,190	498	530	471	691	489	653
	Financial services	Exports	7,037	8,160	2,096	1,982	1,991	2,091	1,953	2,250
		Imports	8,306	10,179	2,684	2,536	2,358	2,601	2,344	2,806
	Royalties/Licences	Exports	587	645	120	104	194	227	-72	82
		Imports	492	306	36	96	83	91	49	100
	Computer services³	Exports	20,457	24,029	5,573	5,646	5,981	6,829	6,031	5,992
		Imports	346	1,128	271	284	323	250	282	398
	Business services	Exports	7,079	7,164	1,540	1,651	1,926	2,047	1,872	2,177
		Imports	13,825	15,802	3,859	3,803	3,797	4,343	3,889	3,983
	(of which: Operational leasing)	Exports	872	926	221	233	231	241	226	231
		Imports	130	136	..	..	..	..	..	..
	Other	Exports	4,565	4,625	974	1,107	1,372	1,172	1,252	1,027
		Imports	1,058	984	222	251	271	240	133	79

Merchandise and Services Total		Exports	75,414	78,821	18,984	18,823	20,261	20,753	18,606	20,241
		Imports	65,633	65,954	16,330	16,116	15,961	17,547	15,995	16,535

Trade balance		Net	9,780	12,866	2,654	2,707	4,300	3,205	2,611	3,706

Primary Income		Inflows	43,419	46,464	11,265	13,068	11,537	10,594	11,865	10,231
		Outflows	71,200	81,942	18,921	21,994	20,757	20,270	19,964	21,710
	(of which : Investment Income)	Inflows	43,151	46,184	11,198	12,996	11,464	10,526	11,796	10,162
		Outflows	70,820	81,430	18,826	21,878	20,599	20,127	19,825	21,574
	Direct investment income	Inflows	5,321	4,481	1,240	1,978	914	349	2,023	517
		Outflows	4,657	5,404	1,046	1,205	1,310	1,843	1,237	1,662
	Portfolio investment income	Inflows	20,252	23,422	5,385	6,248	5,969	5,820	5,806	5,714
		Outflows	60,130	68,485	15,908	18,724	17,507	16,346	16,611	17,921
	Other investment income	Inflows	17,580	18,282	4,573	4,770	4,582	4,357	3,967	3,931
		Outflows	6,031	7,540	1,872	1,948	1,782	1,938	1,977	1,991

Secondary Income		Inflows	2,082	2,360	565	555	473	767	547	556
		Outflows	2,097	2,202	524	516	434	728	509	515

Income balance		Net	-27,796	-35,320	-7,615	-8,887	-9,181	-9,637	-8,061	-11,438

Current Account - Total		Inflows	120,916	127,645	30,814	32,445	32,272	32,114	31,018	31,028
		Outflows	138,929	150,100	35,776	38,627	37,152	38,545	36,468	38,760

Current Account Balance with UK		Net	-18,013	-22,455	-4,962	-6,181	-4,881	-6,431	-5,450	-7,732
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.
.. Data suppressed for confidentiality reasons.

Open in Excel: International Accounts Q2 2025 Table 3.1 (XLS 15KB)

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Visit Table BPQ36 on PxStat

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Table 3.2 Foreign Direct Investment with UK

Current account with US shows a deficit of €34.8bn in Quarter 2 2025

	Merchandise	Services	Income	Current Account
Q2 2023	16	-29	-13	-26.1
Q3 2023	14.6	-34.5	-11.8	-31.7
Q4 2023	5.9	-39.5	-13.7	-47.3
Q1 2024	13.6	-31.5	-16.2	-34.1
Q2 2024	15.3	-38.1	-10.5	-33.3
Q3 2024	18.6	-40.2	-11.5	-33.1
Q4 2024	18.5	-46.1	-26.9	-54.5
Q1 2025	50.6	-52.5	-23	-24.8
Q2 2025	27.4	-43.4	-18.7	-34.8

Current account with US (See Table 3.3)

Merchandise exports were €30,369m in the second quarter of 2025, an increase of €10,067m compared with the second quarter of 2024.
Merchandise imports were €3,016m in the second quarter of 2025, a decrease of €1,984m compared with the second quarter of 2024.
Services exports at €14,418m decreased by €407m compared to the second quarter of 2024.
Services imports at €57,848m were up €4,934m over that same period in 2024.
Investment income earned in the US at €23,256m, decreased by €2,731m compared with one year earlier while investment income payable to US investors at €42,016m increased by €5,429m.
When these effects are combined, the trade balance with the US has increased by €6,710m and net income outflows have increased by €8,167m, compared with the second quarter of 2024. The result is a current account balance deficit of €34,779m in the second quarter of 2025, up from a deficit of €33,322m in the second quarter of 2024.

These 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 3.3 Current Account with US - Annual

Table 3.3 Current Account with US - Annual										€ million
Item		2016	2017	2018	2019	2020	2021	2022	2023	2024
Current Account
Merchandise¹	Exports	47,072	43,001	51,906	63,899	66,269	53,052	65,570	61,043	81,397
	Imports	16,262	14,943	16,844	19,199	14,878	11,692	12,383	11,076	15,353
Net Merchandise		30,810	28,058	35,062	44,700	51,391	41,360	53,187	49,967	66,044

of which: International Trade	Exports	31,898	33,284	39,347	47,281	50,661	52,700	63,286	54,089	73,286
	Imports	12,212	14,398	15,334	14,412	11,475	14,897	18,831	20,582	20,481
of which: Goods for Processing	Exports	14,021	11,489	11,140	14,112	9,669	5,878	789	2,230	2,904
	Imports	1,055	518	1,538	4,697	-1,951	-4,355	-6,608	-9,776	-5,421

Services	Exports	17,997	19,851	26,420	37,578	42,795	47,094	47,558	55,759	61,939
	Imports	51,716	48,645	49,985	58,252	110,973	144,473	174,675	187,857	217,833
Net Services		-33,719	-28,794	-23,565	-20,674	-68,178	-97,379	-127,117	-132,098	-155,894


Merchandise and Services Total	Exports	65,069	62,852	78,326	101,477	109,064	100,146	113,128	116,802	143,336
	Imports	67,978	63,588	66,829	77,451	125,851	156,165	187,058	198,933	233,186

Trade balance	Net	-2,909	-736	11,497	24,026	-16,787	-56,019	-73,930	-82,131	-89,850

Primary Income	Inflows	19,249	21,794	23,879	29,838	27,737	36,295	45,946	75,306	88,181
	Outflows	16,934	28,138	29,154	34,017	29,371	94,758	136,401	138,109	153,497
Net Primary Income		2,315	-6,344	-5,275	-4,179	-1,634	-58,463	-90,455	-62,803	-65,316

of which: Investment Income	Inflows	19,193	21,736	23,820	29,781	27,710	36,279	45,901	75,261	88,139
	Outflows	16,917	28,117	29,140	34,006	29,360	94,747	136,385	138,089	153,475
Direct investment income	Inflows	3,295	2,270	909	2,078	4,194	6,392	6,493	9,768	9,297
	Outflows	3,511	10,803	11,517	11,784	11,075	75,711	111,640	100,543	109,280
Portfolio investment income	Inflows	13,027	16,398	18,760	21,685	20,002	25,030	31,782	42,417	51,698
	Outflows	10,465	13,675	14,349	17,427	14,895	14,287	19,381	28,434	27,892
Other investment income	Inflows	2,871	3,068	4,151	6,018	3,514	4,857	7,626	23,076	27,144
	Outflows	2,941	3,639	3,274	4,795	3,390	4,749	5,364	9,112	16,303

Secondary Income	Inflows	464	582	526	565	687	347	1,078	974	942
	Outflows	391	448	397	416	545	138	873	770	704

Income balance	Net	2,388	-6,210	-5,146	-4,030	-1,492	-58,254	-90,250	-62,599	-65,078

Current Account - Total	Inflows	84,782	85,228	102,731	131,880	137,488	136,788	160,152	193,082	232,459
	Outflows	85,303	92,174	96,380	111,884	155,767	251,061	324,332	337,812	387,387

Current Account Balance with US	Net	-521	-6,946	6,351	19,996	-18,279	-114,273	-164,180	-144,730	-154,928
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q2 2025 Table 3.3 (XLS 12KB)

Table 3.4 Current Account with US - Quarterly

Table 3.4 Current Account with US - Quarterly									€ million
		2023	2024	2024				2025
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2
Current Account
Merchandise¹	Exports	61,043	81,397	16,594	20,302	23,457	21,044	53,641	30,369
	Imports	11,075	15,354	2,948	5,000	4,853	2,553	2,999	3,016
Net Merchandise		49,968	66,043	13,646	15,302	18,604	18,491	50,642	27,353

of which: International Trade	Exports	54,089	73,286	15,790	17,936	18,925	20,635	50,187	24,926
	Imports	20,582	20,480	4,382	5,526	6,164	4,408	5,434	4,181
of which: Goods for Processing	Exports	2,231	2,904	200	1,616	1,707	-619	702	2,319
	Imports	-9,776	-5,422	-1,502	-621	-1,412	-1,887	-2,500	-1,263

Services	Exports	55,759	61,939	16,130	14,825	14,098	16,886	14,447	14,418
	Imports	187,857	217,832	47,645	52,914	54,305	62,968	66,918	57,848
Net Services		-132,098	-155,893	-31,515	-38,089	-40,207	-46,082	-52,471	-43,430


Merchandise and Services Total	Exports	116,802	143,336	32,724	35,127	37,555	37,930	68,088	44,787
	Imports	198,932	233,186	50,593	57,914	59,158	65,521	69,917	60,864

Trade balance	Net	-82,130	-89,850	-17,869	-22,787	-21,603	-27,591	-1,829	-16,077

Primary Income	Inflows	75,307	88,181	20,090	25,998	21,658	20,435	20,547	23,263
	Outflows	138,109	153,497	36,338	36,593	33,188	47,378	43,612	42,020
Net Primary Income		-62,802	-65,316	-16,248	-10,595	-11,530	-26,943	-23,065	-18,757

of which: Investment Income	Inflows	75,260	88,139	20,078	25,987	21,646	20,428	20,540	23,256
	Outflows	138,090	153,475	36,333	36,587	33,182	47,373	43,607	42,016
Direct investment income	Inflows	9,768	9,298	2,536	2,683	2,202	1,877	1,707	2,564
	Outflows	100,544	109,280	26,249	23,507	22,606	36,918	33,072	31,488
Portfolio investment income	Inflows	42,416	51,698	11,504	14,681	13,049	12,464	12,955	14,928
	Outflows	28,434	27,893	7,750	8,164	5,921	6,058	6,069	6,278
Other investment income	Inflows	23,076	27,143	6,038	8,623	6,395	6,087	5,878	5,764
	Outflows	9,112	16,302	2,334	4,916	4,655	4,397	4,466	4,250

Secondary Income	Inflows	973	943	270	336	225	112	324	338
	Outflows	770	704	210	276	166	52	261	283

Income balance	Net	-62,599	-65,077	-16,188	-10,535	-11,471	-26,883	-23,002	-18,702

Current Account - Total	Inflows	193,082	232,460	53,084	61,461	59,438	58,477	88,959	68,388
	Outflows	337,811	387,387	87,141	94,783	92,512	112,951	113,790	103,167

Current Account Balance with US	Net	-144,729	-154,927	-34,057	-33,322	-33,074	-54,474	-24,831	-34,779
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q2 2025 Table 3.4 (XLS 14KB)

Net IIP vis-à-vis the US reaches €1.2 trillion in Q2 2025

X-axis label	Direct Investment	Portfolio Investment	Other Investment	Reserve Assets	Net IIP
Q2 2023	-278	603	92	3	419
Q3 2023	-289	659	107	3	479
Q4 2023	-290	747	82	3	542
Q1 2024	-226	822	90	3	689
Q2 2024	-233	937	107	3	815
Q3 2024	-188	1005	107	3	927
Q4 2024	-242	1132	91	3	983
Q1 2025	-224	1103	105	3	986
Q2 2025	-23	1146	82	3	1208

Net IIP vis-à-vis the US (See Table 3.5)

At the end of Q2 2025, Ireland's net international investment position vis-à-vis the United States stood at €1,208bn, up from €986bn in Q1 2025. The quarter-on-quarter increase in NIIP vis-à-vis the US was mainly driven by a 4% increase in the stock of foreign financial assets, and a 4% decrease in foreign financial liabilities. The rise in the stock of foreign financial assets was mainly driven by other volume changes. Meanwhile, the decrease in the stock of liabilities was due to transactions and exchange rate changes during the quarter.

Table 3.5 IIP vis-à-vis the US – Quarterly

Next chapter: Foreign Direct Investment

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Table 3.2 Foreign Direct Investment with UK¹
		2023	2024	2024				2025
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2

Direct Investment	Abroad	6,507	2,115	-1,011	3,549	287	-710	6	1,251
	In Ireland	1,506	-267	-449	-749	250	681	-1,714	1,237

Equity	Abroad	3,790	1,783	-437	1,626	118	476	-558	524
	In Ireland	17	978	77	249	45	607	-406	724
Reinvested Earnings	Abroad	2,644	1,612	962	1,638	-269	-719	1,096	-1,007
	In Ireland	3,340	2,289	529	-412	690	1,482	958	106
Other Capital	Abroad	73	-1,280	-1,535	285	438	-468	-532	1,733
	In Ireland	-1,852	-3,534	-1,055	-586	-485	-1,408	-2,266	406
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'.
.. Data suppressed for confidentiality reasons.

International Investment Position (IIP) vis-à-vis the United States classified by Functional Category - Quarterly									€ million
Item	Q22023	Q32023	Q42023	Q12024	Q22024	Q32024	Q42024	Q12025	Q22025
Foreign Assets
Direct Investment Abroad¹	198,129	205,555	203,858	156,915	144,583	153,763	146,329	134,866	309,391
Portfolio Investment	1,569,166	1,644,470	1,746,402	1,882,059	1,980,411	2,056,411	2,296,416	2,204,876	2,203,956
Other Investment²	523,557	541,650	508,088	533,223	592,820	576,522	612,393	693,842	653,600
Reserve Assets	2,758	2,692	2,817	2,800	2,932	2,630	3,010	2,905	2,745
Total Foreign Assets	2,293,611	2,394,367	2,461,165	2,574,996	2,720,747	2,789,327	3,058,148	3,036,488	3,169,693

Foreign Liabilities
Direct Investment in Ireland ¹	476,588	494,153	494,037	382,846	377,120	341,297	388,426	359,273	332,365
Portfolio Investment	966,303	985,816	999,234	1,060,163	1,043,247	1,051,551	1,164,605	1,101,600	1,057,568
Other Investment ²	431,351	434,913	426,188	443,260	485,867	469,884	521,638	589,256	571,929
Total Foreign Liabilities	1,874,242	1,914,882	1,919,459	1,886,270	1,906,234	1,862,732	2,074,668	2,050,129	1,961,863

Net International Investment Position (IIP)
Direct Investment¹	-278,459	-288,597	-290,179	-225,932	-232,536	-187,534	-242,097	-224,407	-22,974
Portfolio Investment	602,863	658,654	747,168	821,896	937,164	1,004,860	1,131,811	1,103,276	1,146,388
Other Investment²	92,206	106,737	81,901	89,963	106,953	106,638	90,755	104,585	81,671
Reserve Assets	2,758	2,692	2,817	2,800	2,932	2,630	3,010	2,905	2,745

Total (Net IIP)	419,369	479,485	541,707	688,726	814,514	926,595	983,480	986,359	1,207,830
¹Reflecting the directional principle for reclassifying Direct Investment (see Background Notes).
²Includes financial derivatives and trade credits; in the case of liabilities this category also includes life insurance liabilities to non-residents.

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International Accounts Q2 2025

Accounts with the UK and US

Accounts with the UK and the US

Current Account Balances with UK and US both show deficits for Quarter 2 2025

Current account with UK shows a deficit of €8bn in Quarter 2 2025

Current account with UK (See Table 3.1)

Current account with US shows a deficit of €34.8bn in Quarter 2 2025

Current account with US (See Table 3.3)

Net IIP vis-à-vis the US reaches €1.2 trillion in Q2 2025

Net IIP vis-à-vis the US (See Table 3.5)

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