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International Accounts Q3 2022

Accounts with the UK

Current account with the UK shows a deficit of €2bn in Quarter 3 2022

Online ISSN: 2565-6384

CSO statistical release, 02 December 2022, 11am

	Merchandise	Services	Income	Current Account
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
Q3 2022	-2.438	4.545	-4.213	-2.106

Current account with UK (See Table 3.1)

Merchandise exports were €7,652m in the third quarter of 2022, an increase of €931m compared with the third quarter of 2021.
Merchandise imports were €10,090m in the third quarter of 2022, an increase of €3,512m compared with the same period in 2021.
Services exports at €11,355m increased by €1,189m compared to the third quarter of 2021, mainly due to transport and computer exports.
Services imports at €6,810m were up €592m 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 €6,883m, increased by €1,374m compared with one year earlier and investment income payable to UK investors at €11,128m increased by €1,727m.
When these effects are combined, the trade balance with the UK has decreased by €1,984m and net income outflows have increased by €361m, compared with the third quarter of 2021. The result is a deficit of €2,106m in the third quarter of 2022, compared to a current account balance surplus of €239m 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 UK has increased by €714m in the third quarter of 2022 mainly due an increase in other capital. Direct investment abroad from Ireland to the UK has decreased by €2,617m in the third 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	Quarter 3
Current Account
Merchandise¹		Exports	20,367	25,766	5,598	6,144	6,721	7,303	6,950	8,096	7,652
		Imports	23,936	26,720	5,012	6,814	6,578	8,316	8,386	9,327	10,090

	of which: Merchanting (net export)	Exports	3,464	4,117	970	807	1,086	1,254	1,091	939	1,013

Services		Exports	39,007	40,241	8,987	9,803	10,166	11,285	10,033	11,197	11,355
		Imports	23,908	23,405	5,468	5,708	6,218	6,011	5,827	6,131	6,810
	Transport	Exports	923	1,021	80	141	453	347	306	716	1,174
		Imports	680	787	152	192	193	250	240	251	296
	Tourism and Travel²	Exports	305	286	17	20	107	142	138	201	326
		Imports	605	698	65	87	225	321	258	337	481
	Insurance	Exports	1,963	2,621	562	639	566	854	649	696	652
		Imports	1,686	1,788	520	420	410	438	399	454	503
	Financial services	Exports	7,140	8,066	1,969	2,079	2,039	1,979	1,928	1,838	1,888
		Imports	6,632	7,821	1,844	1,989	2,039	1,949	1,844	1,813	2,002
	Royalties/Licences	Exports	372	533	88	96	120	229	140	128	114
		Imports	353	290	74	63	80	73	61	55	61
	Computer services³	Exports	15,030	17,627	4,135	4,291	4,291	4,910	4,381	4,701	4,625
		Imports	264	380	62	90	119	109	75	95	102
	Business services	Exports	8,626	5,122	1,122	1,224	1,371	1,405	1,266	1,605	1,541
		Imports	12,568	10,390	2,475	2,558	2,828	2,529	2,679	2,824	3,092
	(of which: Operational leasing)	Exports	806	787	216	191	192	188	206	187	194
		Imports	144	139	*	*	*	*	*	*	*
	Other	Exports	4,646	4,963	1,014	1,313	1,219	1,417	1,225	1,311	1,034
		Imports	1,120	1,247	275	308	324	340	273	301	273

Merchandise and Services Total		Exports	59,374	66,006	14,585	15,946	16,887	18,588	16,983	19,292	19,007
		Imports	47,844	50,125	10,480	12,522	12,796	14,327	14,214	15,458	16,900

Trade balance		Net	11,531	15,881	4,105	3,424	4,091	4,261	2,769	3,835	2,107

Primary Income		Inflows	22,553	22,790	5,696	5,566	5,530	5,998	5,670	6,301	6,917
		Outflows	33,553	35,756	8,009	9,553	9,442	8,752	8,879	11,234	11,182
	(of which : Investment Income)	Inflows	22,433	22,704	5,674	5,544	5,509	5,977	5,640	6,269	6,883
		Outflows	33,345	35,591	7,967	9,513	9,401	8,710	8,831	11,184	11,128
	Direct investment income	Inflows	2,740	3,284	912	667	582	1,123	736	1,020	993
		Outflows	1,717	1,533	-107	590	477	573	50	457	106
	Portfolio investment income	Inflows	14,243	14,545	3,503	3,666	3,716	3,660	3,650	3,948	3,716
		Outflows	28,493	30,958	7,307	8,137	8,164	7,350	8,036	10,023	10,110
	Other investment income	Inflows	5,450	4,875	1,260	1,211	1,211	1,193	1,253	1,300	2,175
		Outflows	3,135	3,099	767	786	760	786	745	704	912

Secondary Income		Inflows	1,723	1,926	365	409	570	582	431	604	596
		Outflows	1,522	1,686	305	349	510	522	379	552	544

Income balance		Net	-10,799	-12,726	-2,253	-3,927	-3,852	-2,694	-3,157	-4,881	-4,213

Current Account - Total		Inflows	83,650	90,722	20,646	21,921	22,987	25,168	23,084	26,197	26,520
		Outflows	82,919	87,569	18,795	22,424	22,749	23,601	23,472	27,243	28,626

Current Account Balance with UK		Net	731	3,154	1,852	-504	239	1,567	-388	-1,046	-2,106
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 Q3 2022 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 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	Quarter 3

Direct Investment		Abroad	8,628	3,985	1,124	1,459	-1,021	2,423	-80	1,081	-2,617
		In Ireland	2,043	-1,997	907	-351	-858	-1,695	-1,166	-2,197	714

	Equity	Abroad	18,885	373	-291	1,073	-321	-88	2,096	-128	-848
		In Ireland	-3,708	*	-144	-433	-759	*	-907	-823	-317
	Reinvested Earnings	Abroad	1,978	2,158	755	524	-172	1051	*	837	82
		In Ireland	93	*	-146	535	-190	*	-578	267	-26
	Other Capital	Abroad	-12,235	1,453	660	-138	-528	1459	*	371	-1,851
		In Ireland	5,658	10,058	1,196	-452	91	9,223	319	-1,642	1,058
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 Q3 2022

Accounts with the UK

Accounts with the UK

Current account with the UK shows a deficit of €2bn in Quarter 3 2022

Current account with UK (See Table 3.1)

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