$1.2 billion trade deficit in March 2008

In March 2008, import of goods totaled $6.0 billion, export of goods totaled $4.8 billion and the trade deficit totaled $1.2 billion.
 
The above is based on temporary data regarding goods that cleared Customs, not including trade between Israel and the Palestinian Authority. Final data for 2008 will be published on May 2009. In addition, the data do not include import and export of services that include, among others, software. Data on all exports and imports of goods and services are published as part of the Balance of Payments, every quarter.
 
Development of trade in goods in March 2008, compared with February, was influenced by changes in the value of the dollar against other currencies in which import and export transactions are conducted. Compared to the Euro the American Dollar dropped by 3.3%, compared to the UK Pound rise by 0.7%, compared to the Swiss Franc dropped by 7.5% and compared to the Japanese Yen the U.S. Dollar dropped by 6.2%. March is the seventh consecutive month that the American Dollar drops against the Israeli Shekel.
 
The trend data calculated by the Central Bureau of Statistics, seasonally adjusted and adjusted for irregular elements, point to a rise of export of goods (excluding diamonds) of 15.8% and imports of goods of 19.1%, at an annual rate, during January-March 2008.
 
 
BREAKDOWN OF THE FINDINGS:
 
Export of Goods
In March 2008, manufacturing exports (excluding diamonds) constituted 77% of all export of goods. Export of diamonds constituted 19%, and the 4% was agricultural exports.
 
 
 
Distribution of manufacturing exports by technological intensity (excluding diamonds), indicates that high technology industries constituted 44% of it in March 2008 ($1.6B.). Trend data of exports by high technology industries point to a rise of 4.1%, at an annual rate, in January-March 2008.
 
Exports by medium-high technology industries (29% of total manufacture exports) in March 2008 totaled $1.1 B. Trend data of exports by medium-high technology industries point to a rise of 2.0%, at an annual rate, in January-March 2008.
 
Exports by medium-low technology industries (21% of all manufacture exports) in March 2008 totaled $0.8 B. Trend data of exports by medium-low technology industries point to a rise of 55.2%, at an annual rate, in the last three months.
 
Exports by low technology industries (6% of all manufacture exports) in March 2008 totaled $0.2 B. Trend data of exports by low technology industries point to a rise of 7.0%, at an annual rate, in January-March 2008.
 
Export of diamonds (polished and rough) in January-March 2008 totaled $3.2 B higher by 17.8% than January-March 2007.
 
Agricultural exports in February-March 2008 totaled $480 M (temporary data) – lower by 3.8% than January-March 2007.
 
Import of Goods
Import of goods, in current prices in U.S. dollars, totaled – as mentioned - $6.0 B.
 
A breakdown of the data of import by use indicates that in March 2008, 35% of total imports were import of raw materials (excluding diamonds and fuels); 14% was machinery, equipment and land vehicles for investment; 14% was consumer goods, and the rest diamonds, fuels and ships and aircraft.
 
Import of raw materials (excluding diamonds and fuels) in March 2008 totaled $2.1B. A breakdown of trend data reveals that in January-March 2008, import of raw materials rose by annual rate of 9.2%. A breakdown by groups of import of raw materials in the last three months, points to a rise of 15.4%in the import of non-ferrous metals.
 
Import of investment goods (excluding ships and aircraft) in March 2008 totaled $0.8 B. A breakdown of trend data indicates that in January-March 2008, import of investment goods rose by an annual rate of 18.6%. A breakdown by groups points to a stability in import of machinery and equipment in the last three months.
 
Import of consumer goods in March 2008 totaled $0.9 B. A breakdown of trend data indicates that in the last three months, import of consumer goods rose by an annual rate of 40.9%. Import of non-durable goods rose by an annual rate of 14.5%. Most of the rise was recorded in import of medicines (21.0%). Import of durable goods rose by an annual rate of 71.5%.
 
Import of diamonds (rough and polished) in January-March 2008 totaled $2.3 B, a rise of 11.5% compared to the same months in 2007.
 
Import of fuels (crude oil, distillates and coal) in February-March 2008 totaled $3.2 B. During the same months in 2007 the import of fuels totaled 1.7 B.