Israel: Exports plunge in September as high-tech shipments slow
October 30, 2017
Exports fell sharply in September after initially rebounding in August. In September, exports logged a steep 17.5% contraction from a year earlier, according to the Central Bureau of Statistics (CBS). September’s dismal reading followed an impressive, revised 12.8% expansion in August (previously reported: +12.0% year-on-year). Exports totaled USD 3.9 billion in September, coming in well below the USD 4.7 billion recorded in the same month of last year. September’s dive was driven by a sharp contraction in high-tech industry exports, specifically shipments of computer, electronic and optical products.
Imports similarly contracted in the month, shrinking 5.7% from a year earlier. September’s result contrasted August’s revised 6.0% rise (previously reported: -6.3% yoy), and was driven primarily by fewer imports of consumer and investment goods. Imports totaled USD 5.3 billion, below the USD 5.6 billion in receipts recorded in the same month of last year. Meanwhile, the trade deficit narrowed to USD 1.4 billion from USD 1.8 billion in August (September 2016: USD 0.8 billion).
Additionally, the 12-month moving trade deficit worsened from USD 12.9 billion in August to USD 13.4 billion in September.
Author: Christopher Thomas, Economist