The value of goods exports decreased 5.1% year-on-year to €17.2bn in July, the latest Central Statistics Office (CSO) figures show.

The unadjusted value of goods exports decreased by €919.2m from €18.2bn last July while the value of good imports fell by €92.1m or 0.8% to €12bn from a year earlier.

Janette Maxwell, international indirect tax partner at Grant Thornton Ireland, said that a "variety of factors are likely for the fall such as stockpiling earlier in the year in anticipation of potential tariffs, as well as currency and cost pressures.

"A stronger euro and increased production costs may have also reduced competitiveness in the US market.

"Key drivers of the latest figures include sector-specific declines. For example, exports of organic chemicals (a major component of US-bound trade) fell by €1.1bn (-47.4%), significantly impacting overall export values."

At €4.4bn, the US was Ireland's top export market during the month in value terms, and was worth double the second-largest market, which was the Netherlands at €2.2bn, with Germany receiving €1.5bn worth of Irish goods.

The US accounted for more than a quarter (25.6%) of Irish exports while the Netherlands made up 12.6% and Germany 8.6%. In terms of imports to Ireland, the US made up 14%, just behind Germany (15.2%).

Exports to the US fell €909.4m or 17.2% from the €5.3bn recorded last July while exports to Britain rose by €22.2m or 1.7% to €1.3bn, driven by product categories such as food & live animals (€369.6m) and machinery & transport equipment (€316.7m).

Medical & pharmaceutical products, which represented 40.4% of total export trade, fell by €106.2m or 1.5% to €7bn for the month, but it was still comfortably the largest export category ahead of organic chemicals (€1.2bn) and office machines & automatic data processing machines including computers (€1bn).

Imports of medical & pharmaceutical products jumped by €1.2bn or 87% to €2.5bn and accounted for 20.7% of all imports in July, again ahead of office machines (€1bn) and organic chemicals (€483.4m).

(Pic: Getty Images)