Israel: November contraction in exports slower than in prior month
December 12, 2014
According to the Central Bureau of Statistics (CBS), exports totaled USD 4.8 billion in November, which was above the USD 4.5 billion tallied in October (previously reported: USD 4.6 billion). November’s reading marked a 3.4% contraction over the same month last year, which was notably above the 16.7% contraction recorded in October.
Meanwhile, imports totaled USD 5.4 billion in November, which was below the USD 5.6 billion registered in October and marked the lowest level in two years. Imports declined 6.3% year-on-year in November, which was also notably down from the 13.9% drop tallied in October.
The trade deficit came in at USD 0.5 billion in November, which marked an improvement from the USD 1.0 deficit recorded in October and represented the highest result in nine months. In the 12 months up to November, the trade deficit reached USD 13.6 billion, which was slightly lower than the USD 13.8 billion deficit recorded in the 12 months up to October.
Author: Cecilia Simkievich, Economist