Israel trade deficit up 66%

Israel’s trade deficit has reached 66 per cent during the first ten months of this year, the Israeli Bureau of Statistics reported yesterday.

The goods deficit reached 48.2 billion shekels ($12.68 billion) since the beginning of this year, until the end of October compared with 29.07 billion shekels ($7.65 billion) last year.

According to the report, the rising trade deficit coincides with a sharp fall in foreign exports, especially technology and high-tech exports to world markets, especially Europe.

Total exports declined by 7.2 per cent to reach 138.1 billion shekels ($36.34 billion), compared with 148.8 billion shekels ($39.15 billion).

Israeli imports surged by 4.7 per cent to reach 186.3 billion shekels ($49.02 billion) from 177.8 billion shekels ($46.78 billion) in the corresponding period last year.

Israel’s foreign trade has suffered from a global decline especially in the European Union, East Asia and Latin America.