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Israel's foreign trade February: trade deficit in goods totaled NIS 2.2 billion

Import of goods for the month totaled NIS 20.9 billion and export of goods totaled NIS 18.7 billion
20.03.16 / 10:23
Israel's foreign trade February: trade deficit in goods totaled NIS 2.2 billion
20.03.16
Israel's foreign trade February: trade deficit in goods totaled NIS 2.2 billion

The Central Bureau of Statistics (CBS) revealed that in February 2016, import of goods totaled NIS 20.9 billion, export of goods totaled NIS 18.7 billion and the trade deficit in goods totaled NIS 2.2 billion.

 

January-February 2016: Export of goods as percent of imports (excluding ships, aircraft and diamonds) constituted 81.9% compared to 92.4%, at the same months in 2015.

 

Trade deficit (goods only) in January-February 2016 totaled NIS 2.3 billion compared to NIS 0.5 billion deficit in January-February 2015.

 

Import of goods (excluding ship, aircraft, diamonds and fuels) increased by 9.0% at an annual rate in December 2015-February 2016, according to trend data, continuing an increase of 8.4% in September-November 2015.

 

Export of goods (excluding ships, aircraft and diamonds) increased by 1.5% at an annual rate, according to trend data, continuing an increase of 3.8% in September-November 2015.

 

Trade in goods in February 2016 was influenced by changes in the value of the NIS against other currencies in which import and export transactions are conducted.

 

In February 2016, the NIS strengthened compared to the US Dollar by 1.1% and compared to the Sterling Pound strengthened by 1.8%. In contrast, compared to the Japanese Yen weakened by 1.8%, compared to the Euro the NIS weakened by 1.0% and compared to the Canadian Dollar weakened by 1.9%.

 

Import of goods, in February 2016, totaled – as mentioned – NIS 20.9 billion. 44% of total imports were import of raw materials (excluding diamonds and fuels); 21% were consumer goods; 14% were machinery, equipment and land vehicles for investment; and 21% diamonds, fuels, ships and aircraft.

 

Trend data of imported raw materials (excluding diamonds and fuels) increased by 3.4%, in December 2015-February 2016, at an annual rate continuing an increase of 4.8% in September –November 2015.

 

A breakdown by groups points that import of rubber and plastic products increased by 27.7% in, at an annual rate (2.1% monthly average). Import of paper manufacturing increased by 18.5% in at an annual rate and Import of Non-ferrous metals increased by 18.4% in at an annual rate. In contrast, import of raw material for agriculture decreased by 28.8% at an annual rate (2.8% monthly average).

 

Trend data of import of investment goods (excluding ships and aircraft) increased by 27.6%, at an annual rate, in December 2015-February 2016 (2.0% monthly average) continuing an increase of 22.8% in September-November 2015 (1.7% monthly average). A breakdown by groups points that import of machinery and equipment (53% of investment imports) point to an increase of 2.0% at an annual rate. Imports of vehicles for investment point to an increase of 72.4%, at an annual rate (4.6% monthly average).

 

Trend data of import of consumer goods increased by 8.8%, at an annual rate in December 2015- February 2016, continuing an increase of 13.4% in September-November 2015.

 

Import of non-durable goods (medicines, food and beverages, and clothing and footwear) increased by 7.9% at an annual rate, in the last three months. Import of durable goods (furniture, electrical equipment and transport equipment) increased by 7.4%, at an annual rate, in December 2015-February 2016.

 

Import of diamonds (net, rough and polished) in January-February 2016 totaled NIS 3.8 billion compared to NIS 3.7 billion in the same period of 2015.

 

Import of fuels (crude oil, distillates and coal) in January-February 2016 totaled NIS 3.1 billion, a decrease of 38.6% compared to the same months of the previous year.

 

Export of goods totaled – as mentioned –, NIS 18.7 billion in February 2016. Manufacturing, mining and quarrying exports (excluding diamonds) constituted 70% of all export of goods. Export of diamonds constituted 28%, and the remaining 2% were agriculture, forestry and fishing exports.

 

Trend data of manufacturing, mining and quarrying exports (excluding diamonds) point to an increase of 0.3% at an annual rate, in December 2015-February 2016, continuing an increase of 6.0% in September –November 2015.

 

Trend data of manufacture exports, by technological intensity

Trend data of exports by high technology industries (51% of total manufacture exports) decreased by 9.3%, at an annual rate, in December 2015-February 2016, after an increase of 9.7% in September-November 2015. Breakdown by economic activity shows that export of Manufacture of electronic components and boards decreased by 30.3% at an annual rate (-3.0% monthly average).

 

Trend data of exports by medium-high technology industries (30% of total manufacture exports) increased by 21.7%, at an annual rate (1.7% monthly average) in December 2015-February 2016, continuing an increase of 10.3% in September-November 2015. Breakdown by economic activity shows that export of Manufacture of chemical and chemical products increased by 26.7% at an annual rate (2.0% monthly average).

 

Trend data of exports by medium-low technology industries (12% of total manufacture exports) point to drop of 3.1% at an annual rate, in the last three months continuing a decrease of 13.6%, in September-November 2015.

 

Breakdown by economic activity shows that export of manufacture of fabricated metal products, machinery and domestic appliances decreased by 18.9% at an annual rate.

 

Trend data of exports by low technology industries (7% of total manufacture exports) increased by 2.4% at an annual rate, in December 2015-February 2016, after a decrease of 4.1% in September-November 2015. Breakdown by economic activity shows that export of manufacture of wood and its products increased by 18.6% at an annual rate.

 

Export of diamonds (net, polished and rough), in January-February 2016, totaled NIS 8.6 billion compared to NIS 5.8 billion in the same period of 2015. Agricultural, forestry and fishing exports in January-February 2016 totaled NIS 1.0 billion (original data) a decrease of 20.4% compared to the same period in 2015. Export of growing of non-perennial decreased by 34.7% in the same period.

 

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