High Tech exports leading Israeli economic recovery

Electronic component exports were up 136.6% in May-July. Exports totaled $3.6 billion and imports totaled $4.2 billion in July, resulting in a trade deficit of $600 million
 
Industrial exports, including high tech, excluding diamonds, have begun to recover and are fuelling Israel’s economic growth and recovery, according to a report from the Central Bureau of Statistics. Exports rose 11.3% in May-July 2009 after falling by 15.9% in February-April. High-tech exports, comprising 52% of the total of industrial exports, were up 10.1% in May-July after climbing 11% in February-April.
 
Electronic component exports were up 136.6% in May-July. Exports totaled $3.6 billion and imports totaled $4.2 billion in July, resulting in a trade deficit of $600 million.                                   
 
The Central Bureau of Statistics said on Wednesday that Israel posted a foreign trade deficit of $637 million in July compared with $1.3 billion a year earlier.(in millions of dollars, not seasonally adjusted)
 
               July 2009      June 2009*     July 2008
Exports     3,559.2           3,471.6          5,033.9
Imports     4,195.8           3,912.9          6,346.6
Balance      -636.6             -441.3        -1,312.7
*revised
For the first seven months of 2009, Israel's trade deficit reached $2.84 billion, compared with a deficit of $7.35 billion in the same period a year ago.
 
For all of 2008, Israel posted a trade deficit of $13.21 billion, compared with $10.19 billion in 2007.
 
High-tech exports, 52% of total industrial exports, rose by an annualized 10.1% in May-July, after rising by an annualized 11% in February-April.
 
Exports of electronic components rose by an annualized 136.6% in May-July. Most of the increase was due to the new Intel Corporation Fab 28 at Kiryat Gat.
 
Exports of electronic components rose to $416 million in July from $136 million in July 2008. Exports of communications, monitoring, scientific and medical equipment rose by an annualized 8.5% in May-July.
 
The slump in exports of mixed high-tech goods, including chemicals, has eased. They fell by an annualized 17.6% in May-July, after falling by an annualized 49.4% in February-April. Mixed low-technology exports rose by an annualized 12% in May-July, after falling by an annualized 40% in February-May.
 
The slump in imports has also slowed. Import of goods fell by an annualized 5.4% in May-July, after falling by an annualized 37.1% in February-May. Imports of raw materials fell by an annualized 0.9% in May-July after falling by an annualized 39.5% in February-April, while the fall in imports of investment goods (excluding ships and planes) slowed to an annualized 22.3% in May-July, after falling by an annualized 47.7% in February-April.
 
Imports of durable goods rose by an annualized 20% in May-July, mainly because of a 30.7% annualized increase in vehicle imports, ahead of the introduction of the green taxation in August. Imports of consumer goods, including durable goods, rose by an annualized 7.2% in May-July, after falling by an annualized 14.9% in February-April.
 
Rough and polished diamond imports rose to $2.2 billion in January-July from $600 million in the corresponding period of 2008. However, exports of rough and polished diamonds plummeted to $3.1 billion in January-July from $7 billion in the corresponding period.