Published On: Sun, Jul 20th, 2014

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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About the Author

- About Pinchas Landau is an economic and financial analyst, serving as a consultant to major financial institutions in Israel and abroad on domestic and global developments. After working in banking and investment, he moved to journalism in 1983 and served as financial correspondent of the Jerusalem Post and then as senior columnist for Globes, Israel’s business daily. He has written for many international newspapers, including the Wall Street Journal and Barrons, as well as numerous professional publications. Since 1996, Pinchas has been writing and publishing The Landau Report, a unique newsletter service which analyses economic, business and financial trends in Israel, as well as tracking Israeli and regional geo-political affairs and has attracted a global subscriber base. He has also been providing quarterly and annual reports on Israel for the Economist Intelligence Unit for 25 years. Landau is also an accomplished speaker, lecturing in English and Hebrew to audiences in Israel and overseas on a range of issues relating to Israel and the Jewish world. Born in London and educated at the London School of Economics, he and his family have been living in Jerusalem since 1976.

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