Shrinking trade deficit is shekel positive, at least until imports recover

ISRAEL - In Brief 13 Feb 2024 by Jonathan Katz
Trade deficit declines sharply In January, the trade deficit reached 1.4bn USD compared to 2.0bn in Dec 23, and is down 58% y/y with exports up 5.7% and imports down 20.3% (due to slowing imports of private consumption and raw materials). In the past three months (Nov-Jan), industrial exports have remained stable (saar), while imports of consumer goods are down 22% (new vehicles down 58%, most likely impacted by the redirection of shipping around Africa) and raw materials are down 18%. A shrinking trade deficit will support the CA surplus and is shekel positive, although the sharp import decline could be temporary (if the Houthi terrorism ceases).

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