Israel: Exports and imports plummet in March, trade deficit widens
April 7, 2020
Merchandise exports fell 34.6% in USD terms in March, coming after February’s 4.7% decline, while imports were down 14.1% (February: -3.2% year-on-year). The falls were driven by Covid-19 related disruptions to activity, and saw the trade deficit widen from USD 1.4 billion in February to USD 2.1 billion in March.
Over the next few months, both exports and imports will likely remain hampered by supply chain disruptions and weaker economic momentum at home and abroad.
Author: Oliver Reynolds, Economist