Israel Trade June 2019

Israel

Israel: Exports and imports drop in June

July 11, 2019

Merchandise exports contracted 8.3% year-on-year in June in USD terms, coming after May’s revised 13.4% decline (previously reported: -8.5% yoy), and against a backdrop of elevated trade tensions and waning global momentum. Imports were down 3.9%, coming after May’s 6.3% decline. The trade deficit was roughly unchanged in year-on-year terms at USD 2.2 billion.

Looking at trend data for April-June, both exports and imports shrank in annual terms. The decline in exports was partly driven by a fall in volatile pharmaceutical shipments. However, lower exports of low-tech and medium-low tech goods also weighed on the reading. Imports of consumer goods, investment goods and raw materials all fell in April-June. Lower vehicle imports—following front-loading in the first quarter ahead of environmental tax changes—likely partly explains the falls in investment and consumer goods imports.

Last month, FocusEconomics Consensus Forecast panelists expected exports and imports to grow 4.5% and 3.0% respectively in 2019, with a trade deficit of USD 17.5 billion. For 2020, panelists saw exports growing 5.3%, imports growing 5.4% and a trade deficit of USD 18.5 billion. The next Consensus Forecast will be published on 30 July.


Author:, Economist

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Israel Trade Chart


Israel Trade June 2019

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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