Israel: Exports fall further in December, rounding off a tepid 2019, while imports rebound
January 13, 2020
Merchandise exports fell 2.5% in December in USD terms, following November’s revised 0.4% expansion (previously reported: -1.0% year-on-year). As a result, exports declined 4.2% over 2019 as a whole, dragged on by slower global economic momentum, trade tensions and the strong shekel.
In contrast, imports rebounded in December and rose 15.1%, contrasting November’s revised 5.5% decline (previously reported: -6.5% yoy). Imports were thus flat over 2019 as a whole, with higher imports of consumer goods and raw materials offsetting lower imports of investment goods. The trade deficit widened in annual terms from USD 2.0 billion to USD 3.0 billion.
Author: Oliver Reynolds, Economist