New figures from the Central Statistics Office show that both exports and imports decreased in August compared with the same time last year.
The CSO said that exports fell by 6.7% to €16.2 billion from €17.4 billion - their third consecutive monthly drop - while imports fell by 1.5% to €11 billion from €11.1 billion.
Today's figures show the most significant drop was seen in the export of medical and pharmaceutical products, which sank by 20.4%. These make up over 40% of total exports.
Analysts said this was to be expected as most companies had front loaded their exports in the first half of the year and the August drop continues the trend seen in June and July.
The CSO said that exports to the US fell by 38.5% on the back of a decrease of 46% in exports of Chemicals & Related Products.
But exports to the EU increased by 24.6% to €7.7 billion in August compared with €6.2 billion the same month last year.
Today's figures show that Ireland's top exporting partners in August were the US, the Netherlands and Germany, with Ireland exporting 25.2 % (€4.1 billion), 15% (€2.4 billion) and 11.6% (€1.9 billion) of total export goods respectively to these countries.
Ireland imported the highest value of goods from the US, Great Britain and Germany with these countries representing 18.3 % (€2 billion), 11.5% (€1.3 billion) and 10% (€1.1 billion) of the total import trade for the month.
Meanwhile, exports to Great Britain decreased by 8.3% to €1.1 billion in August from €1.2 billion, the same time last year, while imports fell by 2.8% to €1.256 billion from €1.292 billion.
Commenting on today's figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said that despite the fall in the level of exports to the US, it remained the country's top exporting partner in August with 25.2% of overall exports going to the US.
Ms Lynch said that US trade policy will therefore continue to have a disproportionate effect on Irish exports.
"The recent introduction of market access supports to Irish exporters by Enterprise Ireland is to be welcomed in this regard and should assist in pro-active planning by exporters as they continue to build transatlantic sales," she stated.
"To echo the Central Bank, trade policy uncertainty continues to remain elevated, with uncertainty around trade agreements, a sentiment also echoed by Jamie Dimon, the chief executive of JP Morgan, who this week has referenced the negative impact on growth of the complex geopolitical conditions and tariff and trade uncertainty," she added.
