Manufacturers Association: Imports of raw materials for industry fell by 6% in the fourth quarter of 2012.
Imports of raw materials for industry fell by 6% in the fourth quarter of 2012, after rising by 3.8% in the preceding quarter, the Manufacturers Association of Israel reports. It found that imports of raw materials fell across almost all industries.
The drop in imports of raw materials was the sharpest single quarter drop since the 11% plunge in the first quarter of 2009, caused by the global economic crisis that erupted a few months earlier.
"This drop indicates expectations of a slump in industrial output, mainly due to a decline in demand domestic and foreign markets," Manufacturers Association Economics Division director Ruby Ginel told "Globes". He said, "The data follows other indicators which show weakening in industry in 2012, including an 8% drop in real terms in industrial exports, a hiring freeze, and the results of the manufacturers surveys, which show pessimism about developments in industry in the coming quarters."
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2013
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