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Israel's foreign trade March 2016: trade deficit in goods totaled NIS 2.2 billion

For the month, the Central Bureau of Statistics reported that import of goods totaled NIS 22.1 billion and export of goods totaled NIS 17.5 billion
17.04.16 / 10:38
Israel's foreign trade March 2016: trade deficit in goods totaled NIS 2.2 billion
17.04.16
Israel's foreign trade March 2016: trade deficit in goods totaled NIS 2.2 billion

The Israel Central Bureau of Statistics (CBS) reported that in March 2016, import of goods totaled NIS 22.1 billion, export of goods totaled NIS 17.5 billion and the trade deficit in goods totaled NIS 4.6 billion

 

January-March 2016

Export of goods as percent of imports (excluding ships, aircraft and diamonds) constituted 79.3% compared to 88.4%, at the same months in 2015.

 

Trade deficit (goods only) in January-March 2016 totaled NIS 10.1 billion compared to NIS 4.1 billion deficit in January-March 2015.

 

Import of goods (excluding ship, aircraft, diamonds and fuels) increased by 5.6% at an annual rate in January-March 2016, according to trend data, continuing an increase of 8.6% in October-December 2015.

 

Export of goods (excluding ships, aircraft and diamonds) decreased by 14.1% at an annual rate, according to trend data, continuing a decreased of 5.9% in October-December 2015.

 

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

 

In March 2016, the NIS strengthened compared to the US Dollar by 1.0%, compared to the Euro the NIS strengthened by 1.0% and compared to the Sterling Pound strengthened by 1.6%. In contrast, compared to the Japanese Yen weakened by 0.5% and compared to the Canadian Dollar weakened by 3.1%.

 

Import of Goods

Import of goods, in March 2016, totaled – as mentioned – NIS 22.1 billion. 43% of total imports were import of raw materials (excluding diamonds and fuels); 22% were consumer goods; 17% were machinery, equipment and land vehicles for investment; and 18% diamonds, fuels, ships and aircraft.

 

Trend data of imported raw materials (excluding diamonds and fuels) remain stable, in January-March 2016, at an annual rate after an increase of 2.0% in October-December 2015. A breakdown by groups points that Import of paper manufacturing increased by 19.8% in at an annual rate and Import of Nonferrous metals increased by 15.4% in at an annual rate and import of wood and its products increased by 11.5% in, at an annual rate. In contrast, import of iron and steel decreased by 30.8% at an annual rate (3.0% monthly average).

 

Trend data of import of investment goods (excluding ships and aircraft) increased by 18.1%, at an annual rate, in January-March 2016, continuing an increase of 28.0% in October-December 2015 (2.1% monthly average). A breakdown by groups points that import of machinery and equipment (54% of investment imports) point to an increase of 4.9% at an annual rate. Imports of vehicles for investment point to an increase of 35.0%, at an annual rate (2.4% monthly average).

 

Trend data of import of consumer goods increased by 9.0%, at an annual rate in January- March 2016, continuing an increase of 14.0% in October-December 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 5.8%, at an annual rate, in January-March 2016.

 

Import of diamonds (net, rough and polished) in January-March 2016 totaled NIS 6.1 billion compared to NIS 6.9 billion in the same period of 2015.

 

Import of fuels (crude oil, distillates and coal) in January-March 2016 totaled NIS 4.5 billion, a decrease of 45.0% compared to the same months of the previous year.

 

Export of Goods

Export of goods totaled – as mentioned –, NIS 17.5 billion in March 2016. Manufacturing, mining andquarrying exports (excluding diamonds) constituted 81% of all export of goods. Export of diamonds constituted 16%, and the remaining 3% were agriculture, forestry and fishing exports.

 

Trend data of manufacturing, mining and quarrying exports (excluding diamonds) point to a drop of 15.6% at an annual rate, in January-March 2016, continuing a decrease of 5.4% in October-December 2015.

 

Trend data of manufacture exports, by technological intensity

Trend data of exports by high technology industries (48% of total manufacture exports) decreased by 24.4%, at an annual rate (-2.3% monthly average), in January-March 2016, continuing a decrease of 10.1% in October-December 2015. Breakdown by economic activity shows that export of Manufacture of electronic components and boards decreased by 48.6% at an annual rate (-5.4% monthly average).

 

Trend data of exports by medium-high technology industries (30% of total manufacture exports) decrease by 12.1%, at an annual rate in January-March 2016, continuing a decrease of 4.0% in October-December 2015. Breakdown by economic activity shows that export of Manufacture of chemical and chemical products a decreased by 21.8% at an annual rate (-2.0% monthly average).

 

Trend data of exports by medium-low technology industries (14% of total manufacture exports) increased by 9.0% at an annual rate, in the last three months after a decrease of 1.6%, in October- December 2015. Breakdown by economic activity shows that export of manufacture of fabricated metal products, machinery and domestic appliances increased by 16.1% at an annual rate.

 

Trend data of exports by low technology industries (8% of total manufacture exports) increased by 7.9% at an annual rate, in January-March 2016, continuing an increased of 1.4% in October-December 2015. Breakdown by economic activity shows that export of manufacture of wood and its products increased by 28.9% at an annual rate (2.1% monthly average).

 

Export of diamonds (net, polished and rough), in January-March 2016, totaled NIS 8.3 billion compared to NIS 9.4 billion in the same period of 2015.

 

Agricultural, forestry and fishing exports in January-March 2016 totaled NIS 1.5 billion (original data) a decrease of 20.2% compared to the same period in 2015. Export of growing of non-perennial crops decreased by 36.0% in the same period.

 

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