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Israel: Trade Data for June and First Half 2014

  • The deficit for June,  on a seasonally-adjusted basis and after excluding trade in ships, aircraft and diamonds,  was $1.45bn,  marginally more than in April and May. However, the total deficit for the second quarter of 2014, on this basis, was some $1.1bn higher than the parallel quarter of 2013.


  • For the first half of 2014,  total imports, not seasonally adjusted, rose by almost $1bn compared to January-June 2013, while total exports rose by less than $500mn,  pushing the deficit for H1 2014 to $6.46bn, nearly  $500mn higher than that for H1 2013.


  • Most categories of imports posted small rises or were stable compared to 2013, whereas most categories of exports saw declinesin same case, quite large ones.


  • The only important category of imports to post a significant decline was fuels, the ‘bill’ for which fell by over $700mn in H1 2014, compared to the H1 2013 total of $7.5bn. In other words,  production from the Tamar offshore natural gas field has prevented a much sharper rise in the trade deficit.


  • The key feature among exports is that although exports of high-technology industries rose by some 2.5% in H1 2014,  compared to H1 2013, this was due ENTIRELY to a 14% rise in pharmaceutical exports,  while all other high-tech sectors declined.


  • Meanwhile, in the unfashionable and unloved low-tech sectors, exports posted a strong rise of almost 10% over the first half of 2013, led by textiles and apparel.


Pinchas Landau



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