The value of service exports, which include insurance, legal advice and financial and computer services, rose by €6.8 billion in 2012 to 2013, according to new figures from the Central Statistics Office (CSO).

The data show exports increased from €85.5 billion to €92.3 billion over the year and are up from just €68 billion in 2008.

Service imports meanwhile fell by €391 million from €92.5 billion in 2012 to €92.1 billion in 2013.

As a result, the service balance moved from a deficit of €7 billion to a surplus of €17 million in 2013.

Service exports to Asia and Africa increased by €1 billion and €716 million respectively over the year. Exports to the US and the UK were up by €721 million and €544 million respectively. Service exports to Italy, Switzerland and Sweden also rose significantly from 2012 to 2013, the figures show.

The largest export category were for computer services, which at €39 billion accounted for 42 per cent of total service exports recorded in 2013.

When combined, the two largest import categories, ‘other business’ and royalties/licences, accounted for 78.5 per cent of total service imports during the year under review. In 2013, ‘other business’ accounted for €36.6 billion of service imports, while royalties and licences-related imports totalled €35.8 billion.

Service imports from US fell by €3 billion between 2012 and 2013 mainly due to decline in Royalties and ‘other business’ services. Imports from Germany and France fell by €805 million and €693 million respectively over the year while imports from Bermuda increased by €524 million.