July 13, 2017
Exports declined 6.6% in June compared to the same month last year, according to the Central Bureau of Statistics (CBS). June’s print starkly contrasts the revised 14.0% expansion recorded in May (previously reported: +13.0% year-on-year) and was the lowest reading since October 2016. Exports totaled USD 4.2 billion in June which is below June 2016’s USD 4.5 billion. The result came on the back of a significant decline in manufacturing, mining and quarrying exports excluding diamonds, which constitute the lion’s share of Israel’s exports.
In the meantime, imports rebounded in annual terms from May’s revised 9.4% contraction (previously reported: -9.5% yoy) to a 1.9% expansion in June. Imports totaled USD 5.5 billion and came in above the same month last year’s USD 5.4 billion sum. The result came on the back of increased import growth of consumer goods and non-durable goods.
The trade deficit widened from USD 0.7 billion in May to minus USD 1.3 billion in June. In addition, the 12-month moving trade balance deterioriated from a USD 12.0 billion deficit in May to a USD 12.4 billion deficit in June.
Author: Jan Lammersen, Economist