The Central Bureau of Statistics reported today that Israel's export crisis is continuing, due to the global economic slowdown, particularly in the US. However, the decline in exports to the US and Asia slowed slightly in the past two months.
On the other hand, Central Bureau of Statistics figures show that the decline in exports to the EU is accelerating.
Exports of goods to the US fell in May-June by an annualized 19%, after falling by an annualized 26% in February-April. Exports of goods to Asia fell 10% in the same period, after falling 17% in February-April. Exports of goods to the EU fell an annualized 11% in the second quarter, after falling 5% in the first quarter.
The Central Bureau of Statistics also stated that trend figures show an accelerating fall in imports of goods from the EU, excluding diamonds. Imports of goods from the EU plunged an annualized 17% in February-June, compared with a fall of 4% in December-January.
Imports of goods from the US slumped at an annualized 6% clip, in a continuation of the declining trend that began at the end of 2000.
The Central Bureau of Statistics also reported a slowdown in the decline of the imports of goods from Asia and other countries. Imports of goods from these regions fell by an annualized 7% in the second quarter, compared with a drop of over 15% in November 2000-March 2001.
The export of goods excluding diamonds totaled $10.5 billion in the first half of 2001, while the import of goods totaled $14.7 billion. Israel's trade deficit, excluding diamonds, totaled $4.2 billion.
33% of Israeli exports this year went to the EU, 29% to the US, 15% to Asia, and 23% to the rest of the world. 40% of Israel's imports of goods, excluding diamonds, came from the EU, 26% from the US, 14% from Asia, and 20% from EFTA and the rest of the world.
Israel’s balance of trade deficit with the EU constitutes 56% of Israel's overall balance of trade deficit, while the trade deficit with the US accounts for 16%, Asia (12%), EFTA (7%), and the rest of the world (9%).
Published by Israel's Business Arena on 17 July 2001