Exports of goods, excluding diamonds, ships and planes, fell by 14% in February-May 2014, the Central Bureau of Statistics reported today. Trend figures are even worse: industrial exports, including mining and quarrying (except for diamonds) fell by an annualized 9% in March-May, after rising by an annualized 1% in December-February.
High-tech exports (which account for 44% of industrialized exports, excluding diamonds) fell by an annualized 10% in March-May, after rising 4% in December-February. Exports of electronic components fell by an annualized 17%. Mixed high-tech exports (36% of total industrialized exports) fell by annualized 9%, including a 20% drop in exports of chemicals and chemical products. Mixed low-technology exports fell by an annualized 14% in March-May and low technology exports fell by 4%.
Import data were also poor, indicating a decline in economic activity. Imports of investment goods (excluding ships and planes) fell by an annualized 16% in March-May, in trend figures, after falling by an annualized 9% in December-February. This decline is a clear sign of the drop in economic activity and will affect medium and long-term growth.
Imports of machinery and equipment (two-thirds of imports of investment goods) fell by an annualized 25% in March-May, while imports of transportation vehicles for imports were frozen.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2014
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