US and Europe are still largest trade partners, Far East is growing fast

Analysis of trends in Israel's import and export trades, in recent months, indicate a relative decline in trade with USA and Europe and an upward trend in trade with the Far East.
 
There was, however, a negative turnaround in exports during June-August 2004 ( due to ports strike ).
 
The Central Bureau of Statistics ( CBS ) reported last week that trend figures indicated that exports, excluding diamonds, fell by an annualized 11.1% during June-August, after remaining almost unchanged in May.
 
The CBS reported that Israel posted a trade surplus of $571 million with the US during January-August 2004, a $3 billion trade deficit with the EEC and a $1.1 billion trade deficit with Asia, and a $1.8 billion trade deficit with the rest of the world. Imports, excluding diamonds, totaled $20.7 billion in January-August. 40% of imports came from the EU, 18% from the US, 17% from Asia, and 25% from the rest of the world. Exports, excluding diamonds, totaled $15.4 billion in January-August. 34% of exports went to the EU, 27% to the US, 15% to Asia and 24% to the rest of the world.
 
Export of goods, excluding diamonds, to the EEC fell by an annualized 14.6% during June-August, and exports to the US was down by an annualized 5.4%. Exports to Asia was up by an annualized 33% during this period; exports to the rest of the world fell by an annualized 16.3%.