Israel: Merchandise exports decrease at a quicker pace in February
March 11, 2021
Merchandise exports sank 17.5% in annual terms in February, following January’s 1.0% decrease. February’s reading marked the sharpest drop since April 2020. Meanwhile, merchandise imports shot up 8.9% over the same month last year in February (January: +6.2% yoy), marking the best result since December 2019.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.8 billion deficit in February (January 2021: USD 2.1 billion deficit; February 2020: USD 1.4 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 21.9 billion deficit in February, compared to the USD 20.6 billion deficit in January.
Author: Oliver Reynolds, Economist