May 2009: Israel's trade deficit narrows

CBS noted that figures of trade of goods in May was strongly influenced by changes in the value of the dollar against other currencies
 
Figures released last week by the Central Bureau of Statistics (CBS) show that Israel's foreign trade deficit was US$118 million in May 2009. Imports totaled US$3.4 billion, and exports totaled US$3.3 billion.
 
In May, 39% of total imports were imports of raw materials (excluding diamonds and fuels); 16% consumer goods, 16% machinery, equipment and land vehicles for investment; and the remainder diamonds, fuels and ships and aircraft. 
 
Imports of consumer goods in May 2009 totaled $500 million. Durable goods imports remained stable.
 
manufacturing exports (excluding diamonds) in May constituted 77% of all export of goods. Export of diamonds constituted 19%, and the remaining 4% was agricultural exports. High tech industries represented 51% of manufacturing exports (excluding diamonds) in May ($1.3 billion).
 
The CBS noted that figures of trade of goods in May, compared with April, was strongly influenced by changes in the value of the dollar against other currencies in which import and export transactions are conducted. The dollar fell by 2.9% against the euro, fell 4.2% against the pound, and fell 1.8% against the yen.
 
Figures published by the Tax Authority show that import of vehicles was down. Only 12,000 cars were imported in May 2009, compared with 16,300 in May 2008.
 
Refrigerators, down 5%, washing machine imports fell 17% year over year to 17,300 and import of televisions fell only 0.2% and import of video and DVD players jumpedby 39%.