Israel Trade Balance October 2020

Israel

Israel: Merchandise exports gain steam in October

November 12, 2020

Merchandise exports soared 17.0% annually in October (September: +5.1% year-on-year). October’s outturn marked the strongest expansion since April 2018. Meanwhile, merchandise imports dived 6.7% on an annual basis in October (September: -3.0% yoy) amid still-limp domestic demand.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.6 billion deficit in October (September 2020: USD 1.0 billion deficit; October 2019: USD 2.6 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 19.8 billion deficit in October, compared to the USD 20.8 billion deficit in September.

In the near term, renewed lockdowns abroad could weigh on exports, although both exports and imports are seeing rising solidly next year as the impact of the pandemic eases.

Our panelists see exports and imports increasing 7.1% and 7.9% respectively in 2021, with a trade deficit of USD 15.0 billion. In 2022, panelists see exports and imports growing 5.5% and 6.1% respectively, with a trade deficit of USD 16.2 billion.


Author:, Economist

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Israel Trade October 20 20

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Central Bureau of Statistics (CBS) and FocusEconomics calculations.


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