Israel: Contraction in exports and imports moderates in May
Merchandise exports fell 12.3% in USD terms in May, coming after April’s 18.7% decline, while imports were down 18.7% (April: -26.3% year-on-year). The softer declines were likely linked to the easing of lockdown measures at home and abroad. The trade deficit narrowed from USD 1.5 billion in April to USD 1.1 billion in May.
Both export and imports should gradually pick up as lockdowns around the world are lifted, but are still seen contracting sharply over 2020 as a whole.