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Israel’s 2015 foreign trade: trade deficit (goods only) declined by 38.2%

Import of goods (excluding ships, aircraft, diamonds and fuels) increased by 3.5%. Export of goods (excluding ships, aircraft and diamonds) increased by 4.2%.
17.01.16 / 11:17
Israel’s 2015 foreign trade: trade deficit (goods only) declined by 38.2%
17.01.16
Israel’s 2015 foreign trade: trade deficit (goods only) declined by 38.2%

The Central Bureau of Statistics (CBS) published its summary of Israel’s 2015 foreign trade, indicating that in 2015 compared to 2014. Import of goods (excluding ships, aircraft, diamonds and fuels) increased by 3.5%. Export of goods (excluding ships, aircraft and diamonds) increased by 4.2%.

 

Trade deficit (goods only) declined by 38.2%. Imports of investment good (excluding ships and aircraft) increased by 1.5%. Imports of consumer goods increased by 3.5%. Imports of fuels declined by 36.6%. Exports of High Technology Industries increased by 23.4%. Exports (excluding ships, aircraft and diamonds) as per cent of Imports constituted 83.7% (76.6% in 2014 and 76.3% in 2013).

 

In 2015, import of goods totaled NIS 238.2 billion, export of goods totaled NIS 207.7 billion and the trade deficit in goods, totaled NIS 30.5 billion. Imports of goods declined by 6.8% compared to previous year. Imports of goods (excluding ships, aircraft, diamonds and fuels) increased by 3.5% (NIS 6.3 billion). Most of the decline was in import of fuels that declined by 36.6% and in import of ships and aircraft declined by 47.2% compared to 2014.

 

In 2015 export of goods totaled NIS 207.7 billion, higher by 0.8% than exports in 2014. Export of goods (excluding ships, aircraft and diamonds) totaled NIS 178.3 billion an increased of 4.2% compared to 2014.

 

Data on import and export of goods are temporary and do not include trade between Israel and the Palestinian Authority. Final data for 2015 will be published in April 2016. Import and export data on trade in services are published in the frame of Balance of Payments every quarter.

 

Industrial, mining and quarrying exports (excluding diamonds) totaled NIS 175.6 billion, higher by 4.4% compared to 2014. Agricultural, forestry and fishing exports decreased by 8.5% and totaled NIS 4.6 billion. Export of diamonds (raw and polished) totaled NIS 28.0 billion, a decreased of 15.8% compared to 2014.

 

Breakdown of industrial exports by technological intensity points to a rise of 23.4% in high technology industries exports compared to 2014. Medium high technology industries exports declined by 12.8%. Medium low technology industries exports declined by 7.9% and low technology industries exports rose by 4.9%.

 

Detailed data by import destinations show an increase of 3.5% of consumer goods. Import of investment goods increased by 1.5% and import of raw materials (excl. diamonds and fuels) increased by 4.3%. In contrast, import of fuels decreased by 36.6% compared to 2014. Import of diamonds (raw and polished) decreased by 20.6% and import of ships and aircraft decreased by 47.2%.

 

Trade in goods in 2015 was influenced by changes in value of the NIS against other currencies in which import and exports transactions are conducted2. Compared to the Euro the NIS strengthened by 10.0%, compared to the Canadian Dollar it strengthened by 6.3%, compared to the Japanese Yen it strengthened by 5.3%. In contrast, compared to the USA Dollar it weakened by 7.9%, compared to the Jordanian Dinar it weakened by 7.8% and compared to the Swiss Franc it weakened by 3.3%.

 

Main Findings - Export of goods: In 2015, Manufacturing, mining and quarrying exports (excluding diamonds) constituted 84.5% of all export of goods (81.5% in 2014).

 

Export of diamonds constituted 13.5% (16.1% in 2014) and the remaining were agriculture, forestry and fishing exports.

 

Breakdown of industrial exports by technological intensity shows that high technology industries proportion increased, it represented 50.1% of total industrial exports (excluding diamonds) against 42.4% in 2014. In absolute terms it Increased by NIS 16.6 billion (23.4%).

 

Breakdown by economic activity shows that export of manufacture of computers, electronic and optical equipment increased by 20.2% (NIS 8.2 billion). Export of pharmaceutical products rose by 14.8% (NIS 3.4 billion).

 

In 2015 Export of medium high technology industries (30.9% of industrial exports) totaled NIS 53.9 billion, compared to NIS 61.8 billion in 2014. It represents a decrease of 12.8%. Most of the declined was recorded in export of chemicals and its products by NIS 8.1 billion (20.7%).

 

Export of medium low technology industries (12.3% of industrial exports) declined in 2015 by 7.9% and totaled NIS 21.5 billion. Export of manufacture of metals decreased by 14.3% (a decrease of NIS 0.4 billion) and export of manufacture of refined petroleum products decreased by 31.1% (a decrease of NIS 0.9 billion). Most of the decrease could be explained by global decline in fuels prices

 

Export of low technology industries (6.7% of industrial exports) rose by 4.9% compared to 2014 and totaled NIS 11.7 billion. Export of manufacture of textile rose by 10.9% compared to 2014 and export of manufacture of beverages rose by 7.4%.

 

Export of diamonds (net, raw and polished) totaled, in 2015, NIS 28.0 billion low compared to 15.8% in 2014.

 

Agriculture, forestry and fishing exports totaled NIS 4,560 million against NIS 4,986 million in 2014, a decrease of 8.5%. Export of growing of fruits (excluding citrus) decreased by 17.0% and export of flowers decreased by 12.1%.

 

Import of goods: In 2015 Import of goods, in current prices totaled NIS 238.2 billion lower by NIS 17.3 billion compared to 2014.

 

Breakdown by import destinations shows that 44% of imports were raw materials (excluding diamonds and fuels), 19% imports of consumer goods, 14% were import of investment goods, 12% imports of fuels and 11% import of ships, aircraft and diamonds. In 2015, import of raw materials (excluding diamonds and fuels) totaled NIS 103.8 billion, increased by 4.3% compared to 2014.

 

A breakdown by groups of import of raw materials shows increase in import of machine and electronics manufacturing (10.9%), import of chemical products (4.6%) and import of precious metals (5.2%). In contrast, import of rubber and plastic decreased by 4.5% and import of paper manufacturing decreased by 4.3%.

 

In 2015, import of investment goods (excluding ships and aircraft) increased by 1.5% and totaled NIS 33.9 billion, Import of machinery and equipment rose by 7.7% and import of vehicles declined by 12.9%.

 

Import of consumer goods increased 3.5% in 2015 .Most of the increase was recorded in import of non-durable goods (5.4%), specially import of food and beverages (8.4%). Import of durable goods increased by 1.0%.

 

Import of diamonds (net, rough and polished) totaled NIS 24.4 billion in 2015 compared to NIS 30.8 billion in 2014.

 

Import of fuels continued to fall in 2015 and totaled NIS 28.8 billion lower by 36.6% compare to 2014.

 

Development of the trade in goods - December 2015

Export of goods totaled NIS 17.3 billion, import of goods totaled NIS 21.1 billion and the trade deficit totaled NIS 3.8 billion.

 

Trade in goods in December 2015 was influenced by changes in value of the NIS against other currencies in which import and exports transactions are conducted.

 

In December 2015, compared to US Dollar the NIS strengthened by 0.2%. Compared to the Sterling Pound the NIS strengthened by 1.7%, compared to the Canadian Dollar it strengthened by 3.4%. In contrast, compared to the Euro it weakened by 1.0%, compared to Swiss Franc weakened by 1.1%.

 

Trend data point to an increase of 3.0% at an annual rate in export of goods (excluding ships, aircraft and diamonds) in the last three months of 2015, after a decrease of 2.0% in July-September 2015.

 

Trend data of manufacturing, mining and quarrying exports increased by 3.3%, at an annual rate, in the last three months of 2015, after a decrease of 0.8% in July-September 2015.

 

Trend data of manufacture exports, by technological intensity:

Trend data of exports by high technology industries increased by 5.9%, at an annual rate, in October-December 2015, continuing an increase of 6.0% in July- September 2015.

 

Breakdown by economic activity shows an increase in export of pharmaceutical products and in exports of manufacture of electronic components and boards.

 

Trend data of exports by medium-high technology industries increased by 5.8%, at an annual rate, in the last three months of 2015, after a decrease of 7.3% in July- September 2015. Breakdown by economic activity shows that export of manufacture of motor vehicles, trailers and semi-trailers point to an increase in the same months of 2015.

 

Trend data of exports by medium-low technology industries decreased by 14.8% at an annual rate, in the last three months of 2015, continuing a decrease of 14.0%, in July-September 2015. Breakdown by economic activity shows that export of manufacture of basic metals point a decrease in the same months of 2015.

 

Trend data of exports by low technology industries decreased by 10.3%, at an annual rate, in the last three months of 2015, continuing a decrease of 8.5% in July-September 2015. Breakdown by economic activity shows that export of manufacture of food products beverages and tobacco products decreased in the same months of 2015.

 

Imports of goods (excluding ships, aircraft, diamonds and fuels) increased by 6.1% at an annual rate in October-December 2015, continuing an increase of 5.8% in July-September 2015.

 

Trend data of import raw materials (excluding diamonds and fuels) increased by 5.8%, in the last three months of 2015, at an annual rate, continuing an increase of 3.4% in July- September 2015.

 

Trend data of import of investment goods (excluding ships and aircraft) increased by 13.7%, at an annual rate, in the last three months of 2015, continuing an increase of 6.8% in July- September 2015.

 

Trend data of import of consumer goods increased by 10.5% at an annual rate in the last three months of 2015, continuing an increase of 8.4% in July- September 2015. Import of non-durable goods (medicines, food and beverages, and clothing and footwear) increased by 10.5% at an annual rate, in the last three months. Import of durable goods (furniture, electrical equipment and transport equipment) increased by 11.3%, at an annual rate.

 

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