Israel: Merchandise exports and imports continue to nosedive in June
July 13, 2020
Merchandise exports plummeted 9.5% over the same month last year in June, on the heels of May’s 6.3% dive. Meanwhile, merchandise imports plunged 9.3% in annual terms in June (May: -19.1% yoy). As a result, the merchandise trade balance recorded a USD 1.8 billion deficit in June (May: USD -0.9 billion). Lastly, the 12-month trailing merchandise trade balance recorded a USD 22.3 billion deficit in June, compared to a USD 22.5 billion deficit 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.
Author: Oliver Reynolds, Economist