IRELAND’S SERVICE exports increased by €6.7 billion last year to €73.8 billion, according to the latest figures from the CSO.

Service imports also increased over the same period, from €75.2 billion in 2009 to €80.9 billion last year, with the overall result that the service deficit fell by €1 billion to €7.1 billion.

The demand for Tourist and Travel services fell for both imports and exports.

While computer services accounted for the majority of the state’s service exports last year (38.2 per cent, or €28.2 billion), the largest service import sector was royalties and licenses, which accounted for 35.3 per cent (€28.5 billion) of all import services in 2010.

The UK remained Ireland’s biggest service export market in 2010, generating €14.4 bn, while exports to Asia grew by €1.3 bn.

The US was still the main source of service imports (€24.5 bn). A further €10.5 bn and €10.2 bn was imported from the UK and the Netherlands respectively. The CSO notes that imports from the US and the Netherlands comprised mainly of “inter-affiliate services purchased by multi-national companies”.