CSO data published yesterday showed that the value of exports in 2013 fell 5% to nearly €86.9bn. Import value grew 1% to €49.6bn.

The US, Britain, Belgium, and Germany qualified as our main trading partners during the year, with an 8% increase in the export of food and live animals noted.

However, the so-called patent cliff was again noted, with the export of medical and pharma products decreasing by nearly €3bn, or 12%.

Alan McQuaid, chief economist with Merrion Stockbrokers, said: “The pharmaceutical sector accounts for approximately a quarter of total Irish exports and half of merchandise exports.

“According to a research paper published by the Department of Finance last year, Ireland will continue to feel the negative impact of the patent cliff for some time to come, though the magnitude is unlikely to be as great as was felt in 2012. Furthermore, the headline impact should be offset to some extent by reduced imports through royalty payments.”

Mr McQuaid said exports will remain the main driver of Irish economic activity and that a pick-up in global demand this year should result in a recovery — maybe by as much as 3% in volume terms — in Irish exports in 2014, with this year’s total trade surplus potentially rising by nearly 5% to €39bn.

The CSO external trade figures also showed preliminary estimates of an 11% monthly rise, to €7.7bn, in the seasonally adjusted value of exports in December and a 3% fall in import value for the month, to over €4.3bn.

This means December actually saw a jump in monthly trade surplus from €2.55bn to €3.44bn. This good showing, however, with an annualised jump of 14.1% in export value, was mainly down to the erratic nature of pharma product exports, which enjoyed a good month.