Goods exports and imports decreased in June compared with last month according to the latest Central Statistics Office figures.
These preliminary figures show that seasonally adjusted exports decreased by €126m, or 1.7%, and imports decreased by €85m, or 2.1%.
The trade surplus decreased by 1.2% to €3,421m.
Chemicals and related products accounted for 61% of the total exports of €7,988m.
Comparing June of this year with June of last year, exports of organic chemicals decreased by €358m, or 18% and medical and pharmaceutical products decreased by €300m, or 12%.
However, exports of essential oils increased from €410m in June 2011 to €600m in June 2012.
The EU was the main market for Ireland and accounted for €4,938m, or 62% of total exports in June 2012 with the UK and Belgium accounting for 30%.
The US was the main destination for exports outside the EU accounting for 19%. The UK was the main source of imports in June 2012.
Comparing June 2012 with June of last year, imports increased by €64m, or 1.6%.
For the first six months of 2012 exports amounted to €46,287m and imports to €24,940m representing a trade surplus of €21,347m.
Commenting on today's CSO figures Alan McQuaid from Merrion Stockbrokers said that the export sector has been the main driver of Irish economic activity in recent times.
He said that while it will remain the key growth engine for some time to come, there are clear downside risks in the short-term, especially in relation to external demand.
''Another concern is the sustainability of the recent impressive performance of the pharmaceuticals sector as output from this area tends to be quite erratic at the best of times due to company-specific developments in patents and product cycles,'' the economist said.
He said that a substantial part of the sharp decline in the value of exports last December was due to the high value cholesterol treating drug, Lipitor, coming off patent. He warned that something that is likely to be repeated in other pharmaceutical products going forward.
