Official figures show that only pharmaceutical and chemical exports prevented a fall in exports last year.
The Central Statistics Office said exports of goods last year were €88.6 billion, up 2% on 2006. But when chemicals and pharmaceutical exports were excluded, exports fell 2%.
Imports were also up 2% to just over €62 billion, though they were flat when transport equipment - which includes planes - was stripped out.
A breakdown of the 2007 figures shows that chemical exports grew by 14%, while dairy exports also grew strongly, but computer equipment showed an 11% drop. Exports to China and Hong Kong jumped by 30%, but the weakness of the dollar meant that the value of exports to the US fell 2%.
Imports of transport equipment jumped by 77% last year, while petrol-related imports were up 6%. Imports from China and Hong Kong grew by 8%.
Preliminary figures for January show exports of just under €7 billion and imports of €5.3 billion. These figures are down compared with the same month last year.
Separate CSO figures showed that factory gate prices - a measure of inflation - rose by 0.2% in February from the previous month, giving a 3% decrease over the year. Meat and meat products showed the biggest monthly rise - almost 5% - while other food products were up 1%.
Employers' group IBEC said 2008 would be a very difficult year for exporters because of the strength of the euro against sterling and the dollar, and a possible US recession.
But head of trade and international relations Pat Ivory said large emerging economies and new markets in the EU offered substantial trade opportunities.
'Irish goods exported to the key emerging markets of China, India, Russia, South Africa, Mexico and Brazil were up 21.8%, worth €3.6 billion,' he said. Mr Ivory also pointed to the strong growth in China and an increase in exports to new EU member states.
