Israeli trade deficit reaches $3bn

The Israeli Central Bureau of Statistics yesterday said the total trade deficit in the country has reached more than 12 billion shekels ($3 billion) during the first five months of 2015.

According to official data, the total value of Israel’s foreign imports reached 89.021 billion shekels ($23.122 billion) compared with $24,397 billion during the same period last year.

Meanwhile, the total value of Israel’s exports reached 76.156 billion shekels ($19.780 billion) compared with 71.422 billion shekels ($18.796 billion) in the same period last year.

Israel’s imports from EU countries accounted for 34 per cent of total imports during the past five months and were valued at $8,242 billion, while total exports to EU countries during the same period reached 34 per cent or $6.475 billion; a deficit of $1,767 billion.

Israeli imports from the United States reached $3,177 billion or 14 per cent of the total imports while exports to the US during the same period reached 24 per cent or $4,696 billion to record a trade surplus of $1.519 billion.

Meanwhile, Israeli imports from Asia amounted to $5,418 billion or 23 per cent of the total imports, while exports to the continent during the same period reached nearly 22 per cent at a total value of $4,316 billion to register a trade deficit of $1.102 billion.