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International Accounts Q3 2023

Accounts with the UK

Current account with UK shows a deficit of €5bn in Quarter 3 2023

Online ISSN: 2565-6384

CSO statistical release, 01 December 2023, 11am

	Merchandise	Services	Income	Current Account
Q2 2021	-0.72	3.826	-4.188	-1.081
Q3 2021	0.17	3.646	-4.629	-0.813
Q4 2021	-1.083	5.053	-3.452	0.52
Q1 2022	-1.508	3.352	-4.025	-2.18
Q2 2022	-1.573	4.289	-5.268	-2.552
Q3 2022	-5.748	4.053	-4.13	-5.824
Q4 2022	-2.36	4.176	-6.056	-4.24
Q1 2023	-1.48	3.65	-6.484	-4.315
Q2 2023	-1.275	3.962	-6.631	-3.945
Q3 2023	-1.85	4.411	-7.569	-5.006

Current account with UK (See Table 3.1)

Merchandise exports were €6,975m in the third quarter of 2023, a decrease of €624m compared with the third quarter of 2022.
Merchandise imports were €8,825m in the third quarter of 2023, a decrease of €4,522m compared with the same period in 2022.
Services exports at €11,702m increased by €153m compared to the third quarter of 2022, mainly due to computer and transport exports.
Services imports at €7,291m were down €205m over that same period in 2022, mainly because of decreased levels of business and transport costs.
Investment income earned in UK at €9,325m, increased by €2,515m compared with one year earlier and investment income payable to UK investors at €16,889m increased by €5,919m.
When these effects are combined, the trade balance with the UK has increased by €4,257m and net income outflows have increased by €3,439m, compared with the third quarter of 2022. The result is a deficit of €5,006m in the third quarter of 2023, compared to -€5,824m over the same period in 2022.

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 €657m in the third quarter of 2023 mainly due to increases in reinvestment earnings and other capital. Direct investment abroad from Ireland to the UK has decreased by €1,532m in the third quarter of 2023.

Table 3.1 Current Account with the UK

Table 3.1 Current Account with the UK											€ million
			2021	2022	2022				2023
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3
Current Account
Merchandise¹		Exports	25,807	30,330	6,928	7,965	7,599	7,838	7,473	7,731	6,975
		Imports	26,851	41,519	8,436	9,538	13,347	10,198	8,953	9,006	8,825

	of which: Merchanting (net export)	Exports	4,109	4,029	1,067	934	1,017	1,011	907	809	835

Services		Exports	39,669	43,552	9,738	10,937	11,549	11,328	10,202	11,130	11,702
		Imports	24,741	27,682	6,386	6,648	7,496	7,152	6,552	7,168	7,291
	Transport	Exports	1,168	2,901	344	716	1,174	667	595	1,005	1,404
		Imports	791	1,183	241	254	397	291	269	269	245
	Tourism and Travel²	Exports	287	1,130	120	300	418	292	259	367	326
		Imports	698	1,579	268	381	478	452	487	441	514
	Insurance	Exports	2,621	2,759	682	717	672	688	680	730	691
		Imports	1,783	1,996	459	456	570	511	506	586	572
	Financial services	Exports	7,132	7,069	1,863	1,776	1,877	1,553	1,642	1,754	1,760
		Imports	8,627	8,049	2,083	2,021	2,055	1,890	1,856	2,084	1,999
	Royalties/Licences	Exports	535	557	115	119	109	214	85	120	147
		Imports	293	473	116	121	118	118	117	145	307
	Computer services³	Exports	17,667	18,459	4,306	4,627	4,552	4,974	4,447	4,408	4,804
		Imports	411	279	47	68	75	89	40	49	51
	Business services	Exports	5,545	7,061	1,424	1,737	1,980	1,920	1,526	1,657	1,501
		Imports	10,951	12,977	2,889	3,051	3,539	3,498	3,054	3,331	3,328
	(of which: Operational leasing)	Exports	848	821	207	198	206	210	211	237	236
		Imports	141	129	*	*	*	*	*	*	*
	Other	Exports	4,712	3,617	885	945	767	1,020	968	1,088	1,070
		Imports	1,187	1,146	282	297	265	302	223	262	274

Merchandise and Services Total		Exports	65,477	73,881	16,666	18,901	19,148	19,166	17,675	18,861	18,678
		Imports	51,592	69,201	14,822	16,186	20,843	17,350	15,505	16,174	16,116

Trade balance		Net	13,886	4,680	1,845	2,715	-1,695	1,815	2,169	2,687	2,562

Primary Income		Inflows	22,149	26,102	5,339	6,559	6,844	7,360	8,280	10,379	9,359
		Outflows	35,151	45,779	9,416	11,879	11,026	13,458	14,809	17,030	16,945
	(of which : Investment Income)	Inflows	22,063	25,972	5,309	6,527	6,810	7,326	8,246	10,345	9,325
		Outflows	34,985	45,567	9,367	11,828	10,970	13,402	14,754	16,975	16,889
	Direct investment income	Inflows	3,320	3,522	577	1,462	991	492	847	1,986	823
		Outflows	1,703	1,221	103	638	-47	527	873	742	1,461
	Portfolio investment income	Inflows	14,412	15,281	3,600	3,962	3,730	3,989	4,181	4,493	4,582
		Outflows	30,357	41,194	8,529	10,488	10,156	12,021	12,675	14,904	14,062
	Other investment income	Inflows	4,330	7,170	1,132	1,104	2,089	2,845	3,218	3,866	3,921
		Outflows	2,924	3,151	735	702	861	853	1,206	1,329	1,366

Secondary Income		Inflows	1,894	1,763	371	544	533	315	418	469	487
		Outflows	1,658	1,565	319	492	481	273	373	449	470

Income balance		Net	-12,766	-19,479	-4,025	-5,268	-4,130	-6,056	-6,484	-6,631	-7,569

Current Account - Total		Inflows	89,521	101,748	22,376	26,005	26,526	26,841	26,372	29,709	28,524
		Outflows	88,400	116,544	24,556	28,557	32,350	31,081	30,687	33,654	33,530

Current Account Balance with UK		Net	1,122	-14,796	-2,180	-2,552	-5,824	-4,240	-4,315	-3,945	-5,006
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 2023 Table 3.1 (XLS 21KB)

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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
		2021	2022	2022				2023
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3

Direct Investment	Abroad	7,123	-2,202	2,704	1,633	-5,173	-1,366	2,138	1,905	-1,532
	In Ireland	-2,125	1,018	83	-1,524	963	1,496	2,629	1,107	657

Equity	Abroad	3,208	1,951	6,649	287	-3,290	-1,695	1,113	12	-183
	In Ireland	*	-854	-166	-202	-689	203	18	-733	-239
Reinvested Earnings	Abroad	2,188	1,861	303	1,297	140	121	343	1,524	-442
	In Ireland	*	191	-129	409	-290	201	757	457	599
Other Capital	Abroad	1,727	-6,013	-4,248	50	-2,023	208	682	369	-907
	In Ireland	9,603	1,684	378	-1,730	1,942	1,094	1,854	1,384	298
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 2023

Accounts with the UK

Accounts with the UK

Current account with UK shows a deficit of €5bn in Quarter 3 2023

Current account with UK (See Table 3.1)

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