UK exports rise as gap in services up €29bn
Published 25/11/2016 | 02:30
Service exports to the UK last year increased by €3.7bn, mainly in the computer and financial services categories, official figures show.
Total service exports increased by €16.3bn from €105.3bn in 2014 to €121.6bn in 2015, data from the Central Statistics Office reveals.
Total service imports also increased significantly by €39.5bn from €111.5bn in 2014 to €151bn in 2015.
As a result, the service deficit moved from €6.1bn in 2014 to €29.4bn in 2015.
Computer services, at €57.4bn, remains the largest export category and accounted for almost half of total service exports last year.
Royalties and licences, at €67.8bn, was the largest import category. That includes money paid to off-shore units of multinationals by their operations here.
Increases in exports to Germany, up €800m, and France, up €700m, were mainly in computer services while increases in exports to Spain (€700m) and Italy (€500m) were largest in the Tourism and Travel and Insurance services categories respectively.
Service exports to Asia also increased by €4.5bn, mainly in computer services, with exports to China up €2bn.
The CSO said service imports from the US increased by €5.2bn between 2014 and 2015.
In the same period, service imports from Asia increased by €4.3bn and imports from the Netherlands and Switzerland increased by €3.7bn and €1.1bn respectively. A report earlier this month showed growth in the services sector here fell to its lowest level in three-and-a-half years last month.