The value of exports fell in July when compared to the same month last year, according to figures from the Central Statistics Office.

Imports also increased when compared to July 2012, leading to a €314 million reduction in the trade surplus.

The value of exports in July were almost €7.6 billion, according to the CSO, down over €200 million on the same month last year.

A €300 million decrease in medical and pharmaceutical exports was the main reason for the fall, while food and animal imports rose by €100 million.

At the same time the value of imports rose by €105 million to €3.9 billion.

This was fuelled by a €52 million increase in food and animal imports and a €50 million increase in chemicals and related products.

As a result the trade surplus stood at €3.69 billion in July.

While July exports figures show a month-on-month decrease, the figures were €184 million higher when compared to June on a seasonally adjusted basis.

Meanwhile seasonally-adjusted imports fell by €61 million between June and July.