Israeli exports totaled NIS 14.3 billion and imports totaled NIS 21.3 billion in October 2011, resulting in a trade deficit of NIS 700 million, the Central Bureau of Statistics reports. The trade deficit averaged NIS 4.5 billion a month in January-October, amounting to an annualized NIS 54.5 billion, compared with NIS 29 billion in 2010.
40% of imports in October were raw materials (excluding fuel and diamonds), 16% were machinery and land vehicles for investment, 14% were consumer products, and 30% were diamonds, fuel, ships and planes.
The increase in imports has slowed across all categories: imports raw materials (excluding fuel and diamonds) slowed to an annualized 5% in August-October from 9.4% in May-July; imports of investment goods (except ships and planes) slowed to an annualized 15.7% from 24.3%; and imports of consumer goods slowed to 3.5% from 4.4%.
Fuel imports totaled NIS 39.7 billion in January-October, 21% more than in the corresponding months of 2010, due to the global rise in fuel prices.
84% of Israel's exports were industrial exports, 14% were diamonds, and 2% were agricultural produce. Growth of industrial exports rose to an annualized 7.7% in August-October from 3.5% in May-July, and the slowdown in high-tech exports (47% of industrial exports) eased to an annualized 4.7% in August-October from a 16.3% drop in May-July.
Rough and polished diamond imports rose to NIS 29.7 billion in January-October from NIS 24.1 billion in the corresponding months, while diamond exports rose to NIS 33.4 billion from NIS 27.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2011
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