Trade deficit narrows sharply

The trade deficit fell to $2.3 billion at the end of 2013 from $8.5 billion a year earlier.

Israel's trade deficit in goods and services has fallen sharply, after growing for three years, the Ministry of the Economy reported today. Its Foreign Trade Administration reports that the trade deficit in goods and services fell to $2.3 billion at the end of 2013 from $8.5 billion a year earlier.

The Ministry of the Economy says that imports fell and industrial exports, led by high tech and mixed high-tech industries, rose 4% in 2013. It says that high tech and mixed high-tech industries accounted for 81% of industrial exports in 2013, greatly contributing to export growth.

However, this growth was partly offset by a slump in pharmaceuticals exports for the second straight year. Foreign Trade Administration chief economist Ehud Gonen says that these opposite trends resulted in an improvement in all balance of trade indices.

Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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