Israel: Trade deficit widens in September, exports tumble
October 11, 2018
Israeli exports contracted 18.0% in September over the same month a year ago in USD terms, contrasting the revised 4.5% increase recorded in August (previously reported: -0.8% year-on-year). Trend data for July-September showed a broad-based deterioration, with exports in low-, medium-low, and medium-high-technology sectors decreasing. Exports of chemicals and chemical products; basic metals; and wood products, furniture and paper products dropped notably in the period.
Imports fell 3.5% in USD terms in September, contrasting the 15.1% growth recorded in August. Data for the July-September period highlighted lower imports of investment goods (excluding ships and aircraft). Meanwhile, purchases of raw materials and consumer goods increased at a pace much lower than in the previous rolling quarter.
Overall, the trade deficit widened to USD 1.8 billion in September, up from USD 1.3 billion in the same month a year earlier. USD 2.7 billion from the USD 1.8 billion shortfall recorded in the same month a year prior. The 12-month rolling trade deficit widened from USD 22.9 billion in August to USD 23.5 billion in September.
Author: Edward Gardner, Economist