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Israel's foreign trade, January-August: deficit in goods totaled NIS 22.6 billion

In August, import of goods totaled NIS 20.6 billion, export of goods totaled NIS 13.6 billion and the trade deficit in goods totaled NIS 7.0 billion
24.09.15 / 10:00
Israel's foreign trade, January-August: deficit in goods totaled NIS 22.6 billion
24.09.15
Israel's foreign trade, January-August: deficit in goods totaled NIS 22.6 billion

In August 2015, import of goods totaled NIS 20.6 billion, export of goods totaled NIS 13.6 billion and the trade deficit in goods totaled NIS 7.0 billion.

 

August 2015

Export of goods as percent of imports (excluding ships, aircraft and diamonds) constituted 82.0% compared to 74.6% at the same period in 2014.

 

Trade deficit (goods only) in January -August totaled NIS 22.6 billion compared to NIS 34.1 billion deficit in January -August 2014.

 

Import of goods (excluding ship, aircraft, diamonds and fuels) increased by 8.3% at an annual rate in June-August 2015, according to trend data, continuing an increase of 4.9% in March - May 2015.

 

Export of goods (excluding ships, aircraft and diamonds) decreased by 9.0% at an annual rate, according to trend data, continuing a decrease of 10.7% in March - May 2015.

 

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

 

In August 2015, the NIS weakened compared the US Dollar by 1.5% after 4 months of appreciation. Compared to the Euro the NIS weakened by 2.7% and compared to the Sterling Pound and the Japanese Yen the NIS weakened by 1.6%. In contrast, the NIS remained stable against the Swiss Franc.

 

Import of Goods

Import of goods, in August 2015, totaled – as mentioned – NIS 20.6 billion. 44% of total imports were import of raw materials (excluding diamonds and fuels); 22% were consumer goods; 15% were machinery, equipment and land vehicles for investment; and 19% diamonds, fuels, ships and aircraft.

 

Trend data of imported raw materials (excluding diamonds and fuels) increased by 5.6%, in June –August 2015, at an annual rate continuing an increase of 1.3% in March - May 2015. A breakdown by groups points that import of precious metals increased by 22.2% at an annual rate (1.6% monthly average),

 

Import of inputs for paper manufacturing increased by 14.7% at an annual rate and import of inputs for machine and electronic manufacturing increased by 9.8% at annual rate. In contrast, import of nonferrous metals decreased by 19.4% at an annual rate.

 

Trend data of import of investment goods (excluding ships and aircraft) increased by 13.3%, at annual rate, in June-August 2015 continuing an increase of 15.7% in March - May 2015. A breakdown by groups points that import of transport equipment point to an increase of 38.1% at an annual rate (2.7% monthly average). In contrast import of machinery and equipment (62% of investment imports) point to a decrease of 5.4% at an annual rate.

 

Trend data of import of consumer goods increased by 11.2% at an annual rate in June - August 2015, continuing an increase of 4.1% in March - May 2015. Import of durable goods (furniture, electrical equipment and transport equipment) increased by 47.1% (3.3% monthly average), at an annual rate, in June-August 2015.

 

Import of non-durable goods (medicines, food and beverages, clothing and footwear and house-hold utensils) increased by 1.7% at an annual rate, in the last three months.

 

Import of diamonds (net, rough and polished) in January -August 2015 totaled NIS 17.0 billion compared to NIS 19.3 billion in the same period of 2014.

 

Import of fuels (crude oil, distillates and coal) in January -August 2015 totaled NIS 20.6 billion, compared to NIS 32.3 billion in the same period of 2014 (-36.2% compared to the same period in 2014).

 

Export of Goods

Export of goods totaled – as mentioned – NIS 13.6 billion in August 2015. Manufacturing, mining and quarrying exports (excluding diamonds) constituted 92% of all export of goods. Export of diamonds constituted 6%, and the remaining 2% were agriculture, forestry and fishing exports.

 

Trend data of manufacturing, mining and quarrying exports (excluding diamonds) point to a decrease of 5.1%, at an annual rate, in June -August 2015, continuing a decrease of 9.0% in March - May 2015.

 

Trend data of manufacture exports by technological intensity

Trend data of exports by high technology industries (49% of total manufacture exports) increased by 1.2%, at an annual rate, in June –August, continuing an increase of 13.5% in March - May 2015.

 

Trend data of exports by medium-high technology industries (33% of total manufacture exports) decreased by 14.4% at an annual rate, in June -August 2015, continuing a decrease of 32.6% at an annual rate (-3.2% monthly average) in March - May 2015.

 

Breakdown by economic activity shows that export of manufacture of chemical and chemical products decreased by 12.0% at an annual rate .

 

Trend data of exports by medium-low technology industries (12% of total manufacture exports) point to drop of 15.4% at an annual rate in the last three months continuing a decrease of 15.2%, in March-May 2015. Breakdown by economic activity shows that export of manufacture of basic metals decreased by 22.1% (-2.0% monthly average)

 

Trend data of exports by low technology industries (6% of total manufacture exports) decreased by 4.6% at an annual rate, in June-August 2015 after an increase of 1.5% in March - May 2015. Breakdown by economic activity shows that export of manufacture of food products, beverages and tobacco products decreased by 19.2% at an annual rate.

 

Export of diamonds (net, polished and rough), in January-August 2015, totaled NIS 20.0 billion compared to NIS 22.7 billion in the same period in 2014.

 

Agricultural, forestry and fishing exports in January - August 2015 totaled NIS 3.3 billion (original data) a decrease of 4.2% compared to the same period in 2014. Export of perennial crops, totaled NIS 1.1 billion, decreased by 7.0% in the same period in 2014.

 

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