Figures published today by the Central Bureau of Statistics show that exports of Israeli goods plunged by an annualized 14.1% in the first quarter, following a 5.9% annualized decline in the fourth quarter of 2015.
The first quarter's weak exports caused an exceptional NIS 10.1 billion trade deficit in goods, compared with a NIS 4.1 billion deficit in the corresponding quarter in 2015. The Central Bureau of Statistics notes that the first quarter trade deficit for goods was greater than the trade deficit in goods for all of 2015.
Exports of goods in March 2016 totaled NIS 17.5 billion. According to trend data, exports by medium-high technology industries declined 12.1%, following a 4.0% annualized drop in the fourth quarter of 2015. Export figures by sector show an annualized 21.8% decrease in chemicals and chemical products (an average monthly drop of 2.0%). Exports by low-tech industries increased.
Imports of goods totaled NIS 22.1 billion in the first quarter. Dividing the data by sector indicates a continued rise in private consumption, the economy's growth engine for the past two years. According to trend data, imports of consumer products in January-March 2016 were up by an annualized 9%, following a 14.0% annualized increase in October-December 2015.
Another encouraging figure is imports of investment products (excluding ships and aircraft), which rose by an annualized 18.1% in the first quarter of 2016, following an annualized 28.0% increase (an average monthly increase of 2.1%)in the fourth quarter of 2015. Imports of machinery and equipment, which account for 54% of imports of investment products, were up by an annualized 4.9%. Imports of vehicles for investment soared by an annualized 35.0%, an average monthly increase of 2.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2016
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