The balance of payments current account deficit totalled just over €1 billion in the first quarter of 2012, according to new figures from the Central Statistics Office (CSO).
This compares with a deficit of €1.918 billion the same time last year.
The balance of payments measures the economic transactions between Ireland and the rest of the world.
The latest figures show a first quarter merchandise surplus of €8.283 billion.
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The figures show that total service exports rose by €2.1 billion to €21.105 billion between the first three months of 2011 and the first three months of 2012.
Service exports increased mainly due a rise in computer services, which increased by €1.4 billion.
