Brosh: drop in exports worrying, down 1% in July-August

Following report last week that Israel’s industrial exports fell by 1% in July-August 2005, the Manufacturers Association president Shraga Brosh said that the drop in exports was worrying.
 
Based on an economic analysis made by the Manufacturers Association economic department, Brosh noted that under conditions of very slow global growth, it would be much harder to achieve double-digit growth in industrial exports in 2005.
 
Brosh pointed out that the decline of 1% in July-August 2005 was due to a 4% drop in high-tech exports to $1.9 billion.
 
The fall in high-tech exports was caused by a 5.5% fall in exports of telecommunications equipment, control and supervision equipment and a 6% fall in exports of electronics and computer components.
 
The fall in high-tech exports was however offset by a 15% increase in avionics exports. Brosh noted that the fall in high-tech exports in July-August followed 7.5% growth in the second quarter of 2005.
 
The report pointed out that exports of chemicals and refined oil products, known as mixed high-tech industries fell in July-August by 1%, after falling by 3% in the second quarter.
 
However exports of mining and quarrying, minerals, rubber and plastics products, basic metals and metal products was up in July-August by 2.5%, after falling 5.2% in the second quarter and 2% in the first quarter.
 
Exports of wood and furniture, food and beverages, textiles, clothing and leather products, paper and printing was up in July-August by 0.5%, after falling by 0.3% in the second quarter and 5.5% in the first.
 
Exports in dollar terms to the EU and the rest of the world fell in July-August by 0.5%. Exports to the US rose in July-August by 9% in dollar terms and exports to Asia fell in July-August by 1% in dollar terms.