There was a sharp drop in exports during July, according to preliminary figures from the Central Statistics Office, largely due to a fall in the chemical and pharmaceutical industries.
Exports during June 2014 stood at almost €6.49bn - down 16% (€1.2bn) on June and 11% (€832m) on the same month of last year.
Organic chemical exports were 38.8% lower year-on-year at €988m, while the value of medical and pharmaceutical exports fell 19.3% to €1.65bn.
Meanwhile, the value of imports to Ireland rose 7% (€314m) to almost €4.69bn during July when compared to June's figures. Import values were almost 10% higher when compared to July 2013.
The decline in exports, coupled with the rise in imports during the month, saw the country's trade surplus narrow by 46% to €1.8bn compared to June.
During July, 17% of exports were to the United States, with Britain taking the next biggest share at 14%.
The European Union as a whole accounted for more than 57% of Irish exports, while China made up 3.6% of the total.
Meanwhile, more than 30.4% of imports to the country originated in Britain, while more than 24% came from euro zone countries.
Imports from the United States made up 12% of the total value to Ireland.
