The value of imports into the country fell by 20% in March, compared to the previous month, driven in part by the falling cost of energy.
In total goods worth €10.3bn were imported over the four weeks, down €2.6bn from the almost €13bn in February, according to the Central Statistics Office.
Exports also fell during the month, but not by as much, dropping 3% or €514m to €16.9bn when compared with February.
Imports from Great Britain plummeted by a third in comparison to the previous month, or 24% versus March of last year, to €1.5bn.
The largest decreases were in the imports of chemicals and related products, fuels, lubricants and related materials and machinery and transport equipment.
Looking across all countries, the value of organic chemicals imported into Ireland dropped by 13% to €1.6 billion in the month compared to the same month last year.
While fuel and lubricant import values were 27% lower versus March 2022, reflecting the falling price of energy.
On the export front, the value of goods sent to Great Britain rose by 25% to more than €1.7 billion in March 2023 compared to the same month one year ago.
That made up 9% of total exports in March.
Overall, the value of medical and pharma products dropped by 22% to €7.2bn, but still made up 38% of total exports.
EU countries received €7.3 billion or 39% of total goods exports during the period.
Of these almost €2bn went to Germany, €1.3bn to the Netherlands and €1.3bn to Belgium.
The USA was the main non-EU destination accounting for €5.7bn or almost a third of total exports.
The figures in relation to trade on the island of Ireland were relatively static compared to March of last year as the impact of Brexit continues.
"While this is only one month's trade figures and the figures for the first quarter of 2023 show an increase of 3% in exports to NI and an increase of 6% of imports from NI, it may indicate that while trade within the island of Ireland has continued to grow in the first quarter of 2023 it is growing at a slower pace," said Jarlath O'Keefe, Partner in Tax at Grant Thornton Ireland.
"It will be interesting to see if these trends continue into the second quarter of 2023 as many of the 'new’ supply chains become established business relationships or whether the political stalemate in respect to the implementation of the NI protocol/Windsor Framework agreement could have an impact on cross border trade."
