Israel's Imports Surge 35% in October, Trade Deficit Widens
Translated & summarized from Maariv by baba
Israel's imports surged 35% in October to 32.7 billion shekels, while exports grew 11% to 16.7 billion shekels, widening the trade deficit. Year-to-date, imports are up 7% to 290.7 billion shekels, with exports remaining largely unchanged. Raw materials were the largest import category, while industry and mining dominated exports. Diamond exports saw a significant decline.
The story in 6 lines · by baba
- Israel's imports rose 35% in October to 32.7 billion shekels.
- Exports grew 11% in October to 16.7 billion shekels.
- For every 100 shekels of imports, Israel earned 51 shekels from exports in October.
- Year-to-date imports reached 290.7 billion shekels, a 7% increase.
- Net diamond exports have fallen nearly 40% year-to-date.
- Raw materials comprised 42% of October's imports.
Israel's imports saw a significant 35% increase in October, reaching 32.7 billion shekels, according to data from the Central Bureau of Statistics. In contrast, exports grew by 11% to 16.7 billion shekels during the same month. This widening gap means that for every 100 shekels Israel spent on imports, it only earned approximately 51 shekels from exports.
From the beginning of the year, total goods imports have risen by about 7% to 290.7 billion shekels. Exports, however, have remained relatively stagnant in shekel terms, totaling 158.9 billion shekels year-to-date. The data excludes services, such as software exports.
The majority of Israel's exports in October, 95%, originated from industry and mining sectors. Diamonds accounted for 3% of exports, while agriculture, forestry, and fishing combined made up 2%. Notably, net diamond exports have fallen sharply by nearly 40% since the beginning of the year, from 6.1 billion shekels last year to 3.7 billion shekels this year.
On the import side, raw materials constituted the largest category at 42% in October. Consumer goods represented 25% of imports, and machinery, equipment, and land transport vehicles for investment made up 23%. The remaining 10% included diamonds, energy materials, ships, and aircraft.
A notable increase was observed in the import of machinery and equipment, which grew at an average monthly rate of 5.2% between August and October. If this trend were to continue for a full year, imports in this category could increase by 83.3%.
