January sees 16% drop in exports

First month of 2013 records significant slowdown in Israel's economic activity

Reuters | Published: 02.28.13, 08:39

The first month of 2013 recorded a significant slowdown in Israel's economic activity, with a 16.6% drop in exports. A decline was also recorded in imports, which went down 14.5% in January.

The import of goods to Israel totaled NIS 21 billion (about $5.7 billion) last month, while the exports amounted to NIS 16.8 billion ($4.55 billion). In other words, January's trade deficit has already reached NIS 4.2 billion ($1.14 billion).

Imports fell 14.5% in November through January, according to an annual calculation, following a 10.1% decline in August through October.

Exports dropped 16.6% in November through January, according to an annual calculation, following an 8.7% decline in August through October.

Forty-one percent of imports in January includes raw materials (excluding diamonds and energy supplies), 17% consumer goods, 13% - machines and land vehicles, and the remaining 29% - diamonds, energy products, ships and aircraft.