Three-month trend figures nevertheless indicate that exports of manufactures and imports of consumer goods are rising.
2004 opened with a 64% drop in Israel's trade deficit in January, compared with December 2003, due to a sharp drop in imports. The trade deficit was $295.9 million in January, compared with $813.7 million in December, the Central Bureau of Statistics reported today. However, the January 2004 trade deficit was 34% higher than the $219.8 million deficit in January 2003.
Imports fell by $560 million to $2.8 billion in January. The drop in imports is the best evidence that the Israeli economy is growing only very slowly and still struggling to emerge from the recession. Exports fell by $36 million, compared with December, to $2.5 billion in January.
Three-month trend figures nevertheless indicate that exports of manufactures and imports of consumer goods are rising. Imports of vehicles and investment goods rose by an annualized 9.7%.
High-tech exports rose by an annualized 11.3% in November 2003-January 2004.
Published by Globes [online] - www.globes.co.il - on February 11, 2004