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International Accounts Q1 2022 Final

Accounts with the UK and US

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Current account with UK shows deficit of €0.4bn in Quarter 1 2022

The third headline has been amended on 24 August 2022

	Merchandise	Services	Income	Current Account
Q4 2019	-1.056	3.918	-2.52	0.342
Q1 2020	-0.628	3.336	-3.392	-0.684
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

Current account with UK (See Table 4.1)

Merchandise exports were €6,950m in the first quarter of 2022, an increase of €1,352m compared with the first quarter of 2021.
Merchandise imports were €8,386m in the first quarter of 2022, an increase of €3,374m compared with the first quarter of 2021.
Services exports at €10,033m increased by €1,046m compared to the first quarter of 2021, mainly due to computer and transport exports.
Services imports at €5,827m were up €359m over that same period in 2021, these figures were affected by increased levels of business and tourism and travel costs.
Investment income earned in UK at €5,640m, decreased by €34m compared with one year earlier while investment income payable to UK investors at €8,831m increased by €864m.
When these effects are combined, the trade balance with the UK has decreased by €1,336m and net income outflows have increased by €904m, compared with the first quarter of 2021. The result is a current account balance deficit of €388m in the first quarter of 2022, down from a current account balance of €1,852m in the first quarter of 2021.

The experimental table on foreign direct investment with UK (See Table 4.2); shows that direct investment in Ireland from the UK has decreased by €1,166m in the first quarter of 2022 mainly due to decreases in equity and reinvested earnings. Direct investment abroad from Ireland to the UK has also decreased by €80m in the first quarter of 2022.

Table 4.1 Current Account with UK

Table 4.1 Current Account with the UK												€ million
		2020	2021	2020				2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹	Exports	20,367	25,766	4,979	4,243	5,049	6,096	5,598	6,144	6,721	7,303	6,950
	Imports	23,936	26,720	5,607	4,933	5,621	7,775	5,012	6,814	6,578	8,316	8,386

of which: Merchanting (net export)	Exports	3,464	4,117	874	842	797	951	970	807	1,086	1,254	1,091

Services	Exports	39,007	40,241	8,454	7,998	8,787	13,768	8,987	9,803	10,166	11,285	10,033
	Imports	23,908	23,405	5,118	4,743	4,754	9,293	5,468	5,708	6,218	6,011	5,827
Transport	Exports	923	1,021	345	121	306	151	80	141	453	347	306
	Imports	680	787	167	140	155	218	152	192	193	250	240
Tourism and Travel²	Exports	305	286	209	12	54	30	17	20	107	142	138
	Imports	605	698	333	27	118	127	65	87	225	321	258
Insurance	Exports	1,963	2,621	550	492	452	469	562	639	566	854	649
	Imports	1,686	1,788	525	427	361	373	520	420	410	438	399
Financial services	Exports	7,140	8,066	1,474	1,685	1,835	2,146	1,969	2,079	2,039	1,979	1,928
	Imports	6,632	7,821	1,291	1,675	1,492	2,174	1,844	1,989	2,039	1,949	1,844
Royalties/Licences	Exports	372	533	79	72	83	138	88	96	120	229	140
	Imports	353	290	99	77	76	101	74	63	80	73	61
Computer services³	Exports	15,030	17,627	3,386	3,287	3,724	4,633	4,135	4,291	4,291	4,910	4,381
	Imports	264	380	52	65	73	74	62	90	119	109	75
Business services	Exports	8,626	5,122	1,314	1,075	1,121	5,116	1,122	1,224	1,371	1,405	1,266
	Imports	12,568	10,390	2,377	2,092	2,196	5,903	2,475	2,558	2,828	2,529	2,679
(of which: Operational leasing)	Exports	806	787	224	208	181	193	216	191	192	188	206
	Imports	144	139	*	*	*	*	*	*	*	*	*
Other	Exports	4,646	4,963	1,096	1,253	1,211	1,086	1,014	1,313	1,219	1,417	1,225
	Imports	1,120	1,247	275	240	283	322	275	308	324	340	273

Merchandise and Services Total	Exports	59,374	66,006	13,433	12,241	13,836	19,864	14,585	15,946	16,887	18,588	16,983
	Imports	47,844	50,125	10,725	9,676	10,375	17,068	10,480	12,522	12,796	14,327	14,214

Trade balance	Net	11,531	15,881	2,708	2,565	3,461	2,797	4,105	3,424	4,091	4,261	2,769

Primary Income	Inflows	22,553	22,790	5,658	5,838	5,557	5,500	5,696	5,566	5,530	5,998	5,670
	Outflows	33,553	35,756	9,105	8,633	8,073	7,742	8,009	9,553	9,442	8,752	8,879
(of which : Investment Income)	Inflows	22,433	22,704	5,603	5,817	5,535	5,478	5,674	5,544	5,509	5,977	5,640
	Outflows	33,345	35,591	9,026	8,589	8,027	7,703	7,967	9,513	9,401	8,710	8,831
Direct investment income	Inflows	2,740	3,284	185	924	938	693	912	667	582	1,123	736
	Outflows	1,717	1,533	477	535	433	272	-107	590	477	573	50
Portfolio investment income	Inflows	14,243	14,545	3,979	3,480	3,364	3,420	3,503	3,666	3,716	3,660	3,650
	Outflows	28,493	30,958	7,646	7,276	6,906	6,665	7,307	8,137	8,164	7,350	8,036
Other investment income	Inflows	5,450	4,875	1,439	1,413	1,233	1,365	1,260	1,211	1,211	1,193	1,253
	Outflows	3,135	3,099	903	779	687	766	767	786	760	786	745

Secondary Income	Inflows	1,723	1,926	512	385	427	399	365	409	570	582	431
	Outflows	1,522	1,686	457	337	378	350	305	349	510	522	379

Income balance	Net	-10,799	-12,726	-3,392	-2,747	-2,467	-2,193	-2,253	-3,927	-3,852	-2,694	-3,157

Current Account - Total	Inflows	83,650	90,722	19,603	18,465	19,819	25,763	20,646	21,921	22,987	25,168	23,084
	Outflows	82,919	87,569	20,287	18,646	18,826	25,160	18,795	22,424	22,749	23,601	23,472

Current Account Balance with UK	Net	731	3,154	-684	-181	993	603	1,852	-504	239	1,567	-388
¹Adjusted for balance of payments purposes.
²Under the credit item, passenger fare receipts of resident carriers from foreign visitors are excluded; such receipts are included under transport credits - see Background Notes.
³Covers 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.

Open in Excel: International Accounts Q1 2022 Table 4.1 (XLS 16KB)

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Table 4.2 Foreign Direct Investment with UK

Current account with US shows deficit of €29.1bn in Quarter 1 2022

	Merchandise	Services	Income	Current Account
2014	17.954294211	-17.375467337	-0.114008611	0.464818263
2015	34.258515181	-27.599318674	1.010648051	7.669844558
2016	30.810616324	-34.92045611	1.967503749	-2.142336037
2017	28.138	-29.748	-6.835	-8.445
2018	35.115	-24.542	-6.061	4.512
2019	44.753	-22.381	-3.907	18.465
2020	51.396	-70.197	-4.693	-23.494
2021	41.627	-102.55	-43.63	-104.553

Current account with US (See Table 4.4)

Merchandise exports were €18,263m in the first quarter of 2022, an increase of €296m compared with the first quarter of 2021.
Merchandise imports were €1,108m in the first quarter of 2022, a decrease of €3,455m compared with the first quarter of 2021.
Services exports at €10,990m increased by €1,638m compared to the first quarter of 2021.
Services imports at €38,091m were up €8,824m over that same period in 2021.
Investment income earned in the US at €8,898m, increased by €440m compared with one year earlier while investment income payable to US investors at €28,084m increased by €5,943m.
When these effects are combined, the trade balance with the US has decreased by €3,435m and net income outflows have increased by €5,496m, compared with the first quarter of 2021. The result is a current account balance deficit of €29,084m in the first quarter of 2022, down from a deficit of €20,153m in the first quarter of 2021.

These experimental tables showing the Current Account with the US annually and quarterly follow on from our note on Ireland’s Current Account with the US.

For more information on services see our release on International Trade in Services.

Table 4.3 Current Account with US - Annual

Table 4.3 Current Account with US - Annual									€ million
Item		2014	2015	2016	2017	2018	2019	2020	2021
Current Account
Merchandise¹	Exports	27,734	47,998	47,072	43,081	51,959	63,952	66,274	53,334
	Imports	9,780	13,739	16,262	14,943	16,844	19,199	14,878	11,707
Net Merchandise		17,954	34,259	30,811	28,138	35,115	44,753	51,396	41,627

of which: International Trade	Exports	20,762	26,861	31,898	33,284	39,347	47,281	50,661	52,554
	Imports	8,115	9,695	12,212	14,398	15,334	14,412	11,475	14,736
of which: Goods for Processing	Exports	5,108	14,350	14,021	11,489	11,140	14,112	9,669	6,028
	Imports	1,456	2,390	1,055	518	1,538	4,697	-1,951	-4,286

Services	Exports	9,039	13,577	14,570	17,713	23,402	35,836	33,230	41,117
	Imports	26,415	41,177	49,490	47,461	47,944	58,217	103,427	143,667
Net Services		-17,375	-27,599	-34,920	-29,748	-24,542	-22,381	-70,197	-102,550


Merchandise and Services Total	Exports	36,773	61,575	61,642	60,794	75,361	99,788	99,504	94,451
	Imports	36,195	54,916	65,752	62,404	64,788	77,416	118,305	155,374

Trade balance	Net	579	6,659	-4,110	-1,610	10,573	22,372	-18,801	-60,923

Primary Income	Inflows	13,487	15,487	16,761	18,488	21,419	28,541	29,240	37,178
	Outflows	13,658	14,547	14,866	25,457	27,609	32,589	34,075	80,968
Net Primary Income		-172	940	1,895	-6,969	-6,190	-4,048	-4,835	-43,790

of which: Investment Income	Inflows	13,430	15,432	16,705	18,430	21,360	28,483	29,212	37,162
	Outflows	13,651	14,538	14,855	25,443	27,594	32,578	34,064	80,956
Direct investment income	Inflows	3,350	3,874	2,315	1,122	905	2,074	4,190	6,528
	Outflows	5,161	2,568	2,482	9,601	11,286	11,386	14,090	62,330
Portfolio investment income	Inflows	8,428	9,719	11,579	14,261	16,394	20,508	20,103	24,705
	Outflows	6,447	9,402	10,049	13,135	13,758	17,166	16,495	15,488
Other investment income	Inflows	1,652	1,839	2,812	3,047	4,061	5,901	4,919	5,929
	Outflows	2,043	2,568	2,324	2,707	2,550	4,026	3,479	3,138

Secondary Income	Inflows	419	542	464	582	526	557	687	302
	Outflows	362	471	391	448	397	416	545	142

Income balance	Net	-114	1,011	1,968	-6,835	-6,061	-3,907	-4,693	-43,630

Current Account - Total	Inflows	50,680	77,604	78,867	79,864	97,306	128,886	129,431	131,931
	Outflows	50,215	69,934	81,009	88,309	92,794	110,421	152,925	236,484

Current Account Balance with US	Net	465	7,670	-2,142	-8,445	4,512	18,465	-23,494	-104,553
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2022 Table 4.3 (XLS 13KB)

Table 4.4 Current Account with US - Quarterly

Table 4.4 Current Account with US - Quarterly												€ million
		2020	2021	2020				2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1
Current Account
Merchandise¹	Exports	66,273	53,334	17,460	16,316	17,881	14,616	17,967	14,271	14,094	7,002	18,263
	Imports	14,878	11,707	3,754	3,621	3,238	4,265	4,563	1,312	2,699	3,133	1,108
Net Merchandise		51,395	41,627	13,706	12,695	14,643	10,351	13,404	12,959	11,395	3,869	17,155

of which: International Trade	Exports	50,660	52,553	13,536	11,669	13,632	11,823	13,756	11,777	12,343	14,677	17,576
	Imports	11,475	14,736	2,934	2,488	2,816	3,237	3,412	3,367	3,522	4,435	2,967
of which: Goods for Processing	Exports	9,669	6,029	2,709	2,483	2,383	2,094	2,070	2,419	754	786	-896
	Imports	-1,951	-4,286	-223	-214	-780	-734	-404	-1,761	-830	-1,291	-1,879

Services	Exports	33,230	41,118	7,746	8,386	7,749	9,349	9,352	9,656	10,009	12,101	10,990
	Imports	103,427	143,666	20,112	20,575	25,290	37,450	29,267	33,727	37,139	43,533	38,091
Net Services		-70,197	-102,548	-12,366	-12,189	-17,541	-28,101	-19,915	-24,071	-27,130	-31,432	-27,101


Merchandise and Services Total	Exports	99,503	94,452	25,206	24,702	25,630	23,965	27,319	23,927	24,103	19,103	29,253
	Imports	118,305	155,373	23,866	24,196	28,528	41,715	33,830	35,039	39,838	46,666	39,199

Trade balance	Net	-18,802	-60,921	1,340	506	-2,898	-17,750	-6,511	-11,112	-15,735	-27,563	-9,946

Primary Income	Inflows	29,241	37,178	7,513	7,031	6,991	7,706	8,463	9,437	9,889	9,389	8,912
	Outflows	34,075	80,969	9,520	7,608	10,785	6,162	22,145	19,445	14,946	24,433	28,087
Net Primary Income		-4,834	-43,791	-2,007	-577	-3,794	1,544	-13,682	-10,008	-5,057	-15,044	-19,175

of which: Investment Income	Inflows	29,212	37,163	7,499	7,025	6,986	7,702	8,458	9,432	9,886	9,387	8,898
	Outflows	34,066	80,956	9,518	7,606	10,782	6,160	22,141	19,443	14,943	24,429	28,084
Direct investment income	Inflows	4,190	6,528	779	649	989	1,773	1,474	1,495	1,803	1,756	664
	Outflows	14,091	62,330	4,312	2,452	5,917	1,410	17,536	15,306	10,062	19,426	23,057
Portfolio investment income	Inflows	20,103	24,705	5,350	5,178	4,909	4,666	5,750	6,405	6,490	6,060	6,651
	Outflows	16,496	15,488	4,277	4,272	4,022	3,925	3,828	3,351	4,076	4,233	4,225
Other investment income	Inflows	4,919	5,930	1,370	1,198	1,088	1,263	1,234	1,532	1,593	1,571	1,583
	Outflows	3,479	3,138	929	882	843	825	777	786	805	770	802

Secondary Income	Inflows	686	301	225	120	167	174	88	75	15	123	130
	Outflows	545	141	190	84	132	139	48	35	-25	83	93

Income balance	Net	-4,693	-43,631	-1,972	-541	-3,759	1,579	-13,642	-9,968	-5,017	-15,004	-19,138

Current Account - Total	Inflows	129,430	131,931	32,944	31,853	32,788	31,845	35,870	33,439	34,007	28,615	38,295
	Outflows	152,925	236,483	33,576	31,888	39,445	48,016	56,023	54,519	54,759	71,182	67,379

Current Account Balance with US	Net	-23,495	-104,552	-632	-35	-6,657	-16,171	-20,153	-21,080	-20,752	-42,567	-29,084
¹Adjusted for balance of payments purposes.

Open in Excel: International Accounts Q1 2022 Table 4.4 (XLS 14KB)

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Table 4.2 Foreign Direct investment with the UK¹												€ million
		2020	2021	2020				2021				2022
Item		Year		Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1

Direct Investment	Abroad	8,628	3,985	-1,703	9,919	-881	1,293	1,124	1,459	-1,021	2,423	-80
	In Ireland	2,043	-1,997	864	1,302	-207	84	907	-351	-858	-1,695	-1,166

Equity	Abroad	18,885	373	*	*	*	388	-291	1,073	-321	-88	2,096
	In Ireland	-3,708	*	-42	-2,485	-1,121	-60	-144	-433	-759	*	-907
Reinvested Earnings	Abroad	1,978	2,158	15	752	784	427	755	524	-172	1051	*
	In Ireland	93	*	-159	117	278	-143	-146	535	-190	*	-578
Other Capital	Abroad	-12,235	1,453	*	*	*	478	660	-138	-528	1459	*
	In Ireland	5,658	10,058	1,065	3,670	637	286	1,196	-452	91	9,223	319
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'.

International Accounts Q1 2022 Final

Accounts with the UK and US

Accounts with the UK and US

Current account with UK shows deficit of €0.4bn in Quarter 1 2022

Current account with UK (See Table 4.1)

Current account with US shows deficit of €29.1bn in Quarter 1 2022

Current account with US (See Table 4.4)

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