August 13, 2017
Exports recorded the second consecutive decline in July and decreased 13.4% compared to the same month last year, according to the Central Bureau of Statistics (CBS). July’s reading is the lowest since October 2016 and compounded last month’s 6.6% year-on-year decrease. Exports totaled USD 3.7 billion in July, below July 2016’s USD 4.2 billion. The result came on the back of noteworthy declines in manufacturing, mining and quarrying exports excluding diamonds. These goods make up the lion’s share of Israeli exports.
On the other hand, imports expanded 6.0% in July in annual terms, coming in above the previous month’s 1.9% yoy expansion. The result was primarily driven by greater imports of consumer goods, with growth in imports of both durable and non-durable goods. Imports totaled USD 5.9 billion in July, which was above the USD 5.5 billion recorded in the same month last year.
The trade deficit widened again from minus USD 1.3 billion in June to minus USD 2.3 billion in July. Additionally, the 12-month moving trade balance deteriorated from a USD 12.4 billion deficit in June to a USD 13.3 billion deficit in July.
Author: Jan Lammersen, Economist