Monday 22 January 2018

UK exports rise as gap in services up €29bn

Photo: Bloomberg
Photo: Bloomberg
Colm Kelpie

Colm Kelpie

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.

Irish Independent

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