New figures from the Central Statistics Office show that the value of the country's exports rose marginally in October when compared to the same month of 2022.
The CSO said that exports reached a total of €17.6 billion in October, €71m higher year on year.
Exports to the EU represented more than 40% of that, with their value up 17% on an annual basis. That made up for a 29% drop in the value of exports to the UK and an 8% dip in goods destined for the US.
Today's CSO figures show that exports of medical and pharmaceutical products rose by 16% in October - and represented 43% of the country's total exports.
But exports of organic chemicals were down 23%, while exports of electrical machinery, apparatus and appliances slumped by 46%.
Today's CSO figures show that imports were down almost €1.7 billion - or 13% - to €10.8 billion which lifted the country's trade surplus.
The CSO noted that imports to the UK fell by 47% with the largest drop seen in the imports of mineral fuels, lubricants and related materials.
Commenting on today's figures, Carol Lynch, Partner at BDO Customs and International Trade Services, said they showed a shift in Ireland's export trends.
"After a decline in the previous two months, exports in October 2023 improved, increasing by €2.1 billion compared to September 2023," she noted.
She said the increase can be attributed to increased activity in the pharmaceutical sector.
"While exports of organic chemicals continue to fall, there has been a rise in pharmaceutical products. It remains to be seen if this trend will sustain into the last quarter of 2023," she added.
But she added that on a broader scale, compared to 2022, exports in 2023 have decreased by €9.6 billion.
"This downturn in export performance was particularly notable in August and September of this year, with reductions of €3 billion and €3.5 billion, respectively, in those months," she noted.
