Sales of pharma products fell by 8pc, or over half a billion euros, in May this year from a year ago, the Central Statistics Office (CSO) said.
But they were still worth €6.5bn in the month and made up 39pc of goods exports.
It is the fourth successive monthly fall in medical and pharmaceutical goods sales, following a 23pc dip in the year to April and a similar-sized fall in March. Exports from the sector also fell slightly in the year to February.
The Economic and Social Research Institute (ESRI) recently warned that a potential downturn in pharmaceutical exports could hit growth and tax receipts this year.
The ESRI cut its forecast for GDP growth this year to just 0.1pc, from more than 5pc previously, with activity in the domestic economy predicted to far outstrip the multinational sector this year, before recovering.
The number of jobs approved by the State’s inward investment agency, IDA Ireland, has also slowed compared to last year, although the IDA expects to add thousands of net jobs by the end of the year.
The CSO data, published today, shows that Irish goods exports to the US are down 23pc in the year so far, compared with the same period in 2022.
Overall goods exports, unadjusted for seasonal variations, were €16.7bn in May 2023, down 7pc (or €1.2bn) compared with May last year.
Exports for the year to May are also down by a similar amount in the same period last year.
Exports fell between April and May, when adjusted for seasonal variations.
Unadjusted goods imports were worth €11.6bn in May, down 12pc in May last year.
However, the value of imported goods for the first five months of 2023 is up 5pc compared to the same period last year.
The value of exports to Britain has outstripped imports once again as oil and gas prices drop.
Imports from Great Britain were €1.3bn in May 2023, while exports to England, Scotland and Wales came in at €1.6bn.
Britain made up 10pc of Irish exports in May.
The EU is still, by far, Ireland’s largest goods export partner, accounting for 42pc of products in May, with Germany, the Netherlands and Belgium topping the list.
The US was the main non-EU destination for Irish goods, accounting for 25pc of total exports in May.