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International Accounts Q4 2022

Goods and Services

Trade balance of €47.3bn in Q4 2022

Online ISSN: 2565-6384

CSO statistical publication, 03 March 2023, 11am

Ireland’s trade balance at €47.3bn, all goods and services exports less all goods and services imports, increased by €22.2bn in the fourth quarter of 2022 over the same period in 2021, mainly due to increased Merchandise exports.

	Goods	of which International Trade
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
Q3 2022	92.641	53.861
Q4 2022	94.768	49.243

Merchandise exports were €94.768bn in the fourth quarter of 2022, an increase of €22.4bn compared with the same quarter of 2021.

	Goods	of which International Trade
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
Q3 2022	39.095	34.723
Q4 2022	40.803	34.453

Merchandise imports were €40.8bn in the fourth quarter of 2022, an increase of €8.8bn compared with the same period in 2021.

	Q4 2022	Q4 2021
Computer Services	53.094	50.737
Business Services	16.378	14.079
Financial Services	5.273	5.252
Other Services n.e.s	4.771	4.086
Royalties/Licences	4.008	5.029
Insurance	3.734	3.73
Tourism and Travel	1.928	0.91
Transport	1.785	0.95
Repairs and Processing	0.7	0.577
Communications	0.057	0.059

Service exports, at €91.7bn, increased by €6.3bn compared to the fourth quarter of 2021, mainly due to higher Computer services exports (which increased by €2.4bn) and higher Business services exports (which increased by €2.3bn).

	Q4 2022	Q4 2021
Royalties/Licences	41.42	36.205
Business Services	37.692	49.075
Financial Services	4.793	4.751
Repairs and Processing	3.641	2.551
Insurance	3.346	2.652
Computer Services	2.714	2.323
Tourism and Travel	2.468	0.993
Transport	1.52	1.388
Other Services n.e.s	0.631	0.544
Communications	0.196	0.19

Service imports, at €98.4bn, were down €2.2bn compared to the fourth quarter of 2021, mainly due to a reduction of R&D related IP imports of €15.3bn.

	Royalties/Licences Exports	of which Pharmaceutical	of which Information and Communication
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
Q3 2022	2.942	0.039	1.087
Q4 2022	4.008	0.058	0

	Royalties/Licences Imports	of which Pharmaceutical	of which Information and Communication
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
Q3 2022	29.501	4.545	0
Q4 2022	41.42	11.306	0

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

Royalties/licences imports were €41.4bn in the fourth quarter of 2022, up €5.2bn 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
			2021	2022	2021				2022
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Services		Exports	293,629	337,282	63,385	70,835	74,001	85,408	77,956	81,710	85,888	91,728
		Imports	293,053	354,051	57,895	65,632	68,855	100,671	72,514	78,736	104,379	98,422
	Repairs and Processing	Exports	1,718	2,439	364	373	404	577	534	487	718	700
		Imports	8,189	10,619	1,978	1,824	1,836	2,551	2,158	2,363	2,457	3,641
	Transport	Exports	2,656	7,733	167	305	1,234	950	810	1,932	3,206	1,785
		Imports	4,756	5,788	1,090	1,098	1,180	1,388	1,235	1,468	1,565	1,520
	Tourism and Travel¹	Exports	2,272	5,878	350	297	715	910	806	1,212	1,932	1,928
		Imports	2,166	7,323	131	182	860	993	1,001	1,492	2,362	2,468
	Insurance	Exports	13,681	14,370	3,251	3,261	3,439	3,730	3,558	3,603	3,475	3,734
		Imports	10,568	13,409	2,593	2,797	2,526	2,652	3,375	3,355	3,333	3,346
	Financial services	Exports	22,153	21,676	5,507	5,713	5,681	5,252	4,981	5,714	5,708	5,273
		Imports	19,040	18,831	4,620	4,853	4,816	4,751	4,647	4,608	4,783	4,793
	Royalties/Licences	Exports	15,444	14,210	3,223	3,515	3,677	5,029	3,882	3,378	2,942	4,008
		Imports	112,818	130,367	22,529	26,420	27,664	36,205	28,857	30,589	29,501	41,420
	of which: Pharmaceutical products and preparations	Exports	157	204	32	38	30	57	36	71	39	58
		Imports	18,252	26,439	2,919	4,824	3,654	6,855	4,008	6,580	4,545	11,306
	Information and communication	Exports	9,655	*	1,980	2,227	2,244	3,204	2,351	1,876	1,087	*
		Imports	80,386	88,621	*	*	*	*	*	*	*	*
	Communications	Exports	237	235	58	60	60	59	59	60	59	57
		Imports	750	792	179	188	193	190	196	197	203	196
	Computer services²	Exports	172,856	195,946	37,464	42,044	42,611	50,737	45,818	48,823	48,211	53,094
		Imports	8,342	10,752	1,788	2,113	2,118	2,323	2,387	2,718	2,933	2,714
	Business services	Exports	49,858	60,051	10,404	12,071	13,304	14,079	14,719	12,686	16,268	16,378
		Imports	124,506	153,866	22,571	25,691	27,169	49,075	28,167	31,322	56,685	37,692
	Research and development	Exports	6,300	6,721	1,157	1,435	1,695	2,013	1,166	1,336	1,813	2,406
		Imports	45,993	66,661	6,419	7,167	8,099	24,308	8,392	10,502	34,006	13,761
	of which: IP related	Exports	1,297	1,089	216	337	535	209	101	103	373	512
		Imports	18,286	28,691	758	644	*	*	881	*	*	802
	Operational leasing	Exports	16,888	17,452	4,056	4,206	4,285	4,341	4,360	4,148	4,375	4,569
		Imports	1,687	1,838	375	410	419	483	429	439	480	490
	Misc. business services³	Exports	26,670	35,877	5,191	6,429	7,325	7,725	9,193	7,202	10,079	9,403
		Imports	76,826	85,367	15,777	18,114	18,650	24,285	19,346	20,381	22,199	23,441
	Other services n.e.s.	Exports	12,754	14,744	2,597	3,196	2,875	4,086	2,789	3,815	3,369	4,771
		Imports	1,919	2,305	416	466	493	544	491	624	559	631
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
			2021	2022	2021				2022
Item			Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Current Account
Merchandise¹		Exports	279,360	351,012	67,641	67,679	71,697	72,343	78,473	85,130	92,641	94,768
		Imports	112,050	146,634	25,583	27,542	26,874	32,051	30,688	36,048	39,095	40,803

	International trade	Exports	165,254	208,314	40,353	40,586	41,079	43,236	52,257	52,953	53,861	49,243
		Imports	98,674	132,786	21,397	25,839	22,962	28,476	27,941	35,669	34,723	34,453
	Goods for processing	Exports	100,928	134,711	23,144	22,174	25,080	30,530	18,619	32,894	38,520	44,678
		Imports	9,597	9,064	2,205	1,777	3,116	2,499	1,703	-998	2,632	5,727
	Other conceptual adjustments	Exports	-10,293	-9,691	-235	-2,652	-1,591	-5,815	-1,276	-2,254	-2,409	-3,752
		Imports	3,778	4,785	1,981	-75	796	1,076	1,045	1,378	1,740	622
	Merchanting (net export)	Exports	23,472	17,678	4,380	7,571	7,129	4,392	8,874	1,536	2,669	4,599
¹Adjusted for balance of payments purposes.

International Accounts Q4 2022

Goods and Services

Goods and Services

Trade balance of €47.3bn in Q4 2022

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