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Israel's July trade deficit totaled NIS 3.5billion

In July 2015, import of goods totaled NIS 20.5 billion, export of goods totaled NIS 17 billion
23.08.15 / 10:38
Israel's July trade deficit totaled NIS 3.5billion
23.08.15
Israel's July trade deficit totaled NIS 3.5billion

Data released by the Israeli Central Bureau of Statistics (CBS) show that in July 2015, import of goods totaled NIS 20.5 billion, export of goods totaled NIS 17 billion and the trade deficit in goods totaled NIS 3.5billion

 

July 2015 - Export of goods as percent of imports (excluding ships, aircraft and diamonds) constituted 83.7% compared to 76.3% at the same period in 2014

 

Trade deficit (goods only) in January -July totaled NIS 16.3 billion compared to NIS 26.8 billion deficit in January -July 2014.

 

Import of goods (excluding ship, aircraft, diamonds and fuels) increased by 1.7% at an annual rate in May-July 2015, according to trend data, continuing an increase of 2.2% in February - April 2015.

 

Export of goods (excluding ships, aircraft and diamonds) decreased by 17.1% at an annual rate, according to trend data, continuing a decrease of 9.2% in January - April 2015.

 

Trade in goods in July 2015 was influenced by changes in the value of the NIS against other currencies in which import and export transactions are conducted3. In July 2015, the NIS strengthened compared the US Dollar by 0.9% and compared to the Japanese Yen the NIS strengthened by 0.6%. The NIS strengthened compared to the Euro by 3.0%, compared to the Sterling Pound strengthened by 0.9%.

 

Import of Goods

Import of goods, in July 2015, totaled – as mentioned – NIS 20.5 billion. 44% of total imports were import of raw materials (excluding diamonds and fuels); 19% were consumer goods; 15% were machinery, equipment and land vehicles for investment; and 22% diamonds, fuels, ships and aircraft.

 

Trend data of imported raw materials (excluding diamonds and fuels) decreased by 2.3%, in May –July 2015, at an annual rate after an increase of 0.8% in February - April 2015.

 

A breakdown by groups points that import of agricultural raw materials decreased by 17.5% at an annual rate, import of raw food products decreased by 16.5% at an annual rate and import of iron and steel decreases by 13.9% at annual rate. In contrast, import of rubber and plastics increased by 6.3% at an annual rate.

 

Trend data of import of investment goods (excluding ships and aircraft) increased by 21.0%, at annual rate, in May-July 2015 continuing an increase of 13.2% in February - April 2015. A breakdown by groups points that import of machinery and equipment (62% of investment imports) point to an increase of 22.2% at an annual rate (1.7% monthly average).

 

Trend data of import of consumer goods decreased by 3.6% at an annual rate in May - July 2015, continuing a decrease of 1.7% in February - April 2015. Import of non-durable goods (medicines, food and beverages, clothing and footwear and house-hold utensils) decreased by 5.9% at an annual rate, in the last three months. import of durable goods (furniture, electrical equipment and transport equipment) decreased by 6.3%, at an annual rate, in April-July 2015.

 

Import of diamonds (net, rough and polished) in January -July 2015 totaled NIS 15.4 billion compared to NIS 17.3 billion in the same period of 2014. A decrease 10.9%.

 

Import of fuels (crude oil, distillates and coal) in January -July 2015 totaled NIS 18.4 billion, compared to NIS 28 billion in the same period of 2014. A decrease 34.2%.

 

Export of Goods

Export of goods totaled – as mentioned – NIS 17 billion in July 2015.

 

Manufacturing, mining and quarrying exports (excluding diamonds) constituted 88% of all export of goods. Export of diamonds constituted 11%, and the remaining 1% were agriculture, forestry and fishing exports.

 

Trend data of manufacturing, mining and quarrying exports(excluding diamonds) point to a decrease of 13.2%, at an annual rate, in May -July 2015, continuing a decrease of 8.2% in February - April 2015.

 

Trend data of manufacture exports, by technological intensity

Trend data of exports by high technology industries (49% of total manufacture exports) decreased by 7.4%, at an annual rate, in May –July, after an increase of 19.2% in February - April 2015. Breakdown by economic activity shows that manufacture of pharmaceutical products decreased by 40% (-4.2% monthly average).

 

Trend data of exports by medium-high technology industries (33% of total manufacture exports) decreased by 26.3% at an annual rate (-2.5% monthly average), in May -July 2015, continuing a decrease of 35.2% at an annual rate (-3.5% monthly average) in February - April 2015.

 

Breakdown by economic activity shows that export of manufacture of other transport equipment ( excl. building of ships and boats, air, spacecraft and related machinery) decreased by 25.9% at an annual rate (-2.4% monthly average).

 

Trend data of exports by medium-low technology industries (12% of total manufacture exports) point to drop of 8.7% at an annual rate in the last three months continuing a decrease of 14.5%, in February – April 2015. Breakdown by economic activity shows that export of manufacture of basic metals decreased by 16.4%.

 

Trend data of exports by low technology industries (6% of total manufacture exports) decreased by 5.7% at an annual rate, in May -July 2015 continuing a decrease of 0.2% in February - April 2015.

 

Breakdown by economic activity shows that export of manufacture of food products, beverages and tobacco products decreased by 21.2% at an annual rate (-2.0% monthly average).

 

Export of diamonds (net, polished and rough), in January - July 2015, totaled NIS 19.1 billion compared to NIS 21.1 billion in the same period in 2014.

 

Agricultural, forestry and fishing exports in January - July 2015 totaled NIS 3.1 billion (original data) a decrease of 4.1% compared to the same period in 2014. Export of perennial crops totaled NIS 1.0 billion decreased by 6.8% in the same period in 2014.

 

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