Trade deficit declines sharply

ISRAEL - In Brief 26 Oct 2023 by Jonathan Katz
September witnessed a sharp reduction in the headline trade deficit to 1.5bn from 3.2bn in both August 23 and September 2022. Industrial exports are up 8% m/m in October, while imports declined: consumer imports by 3.5% (sa), imports of raw materials by 1.4%, and imports of investment goods by 6.4%. The decline in imports is a clear sign of a slowing economy, even before the outbreak of hostilities (although part of this decline is due to a measurement problem during the Holidays). Strong export growth (9.8% saar in Sept-Oct) and the reduction of the trade deficit underlines the positive external macro fundamentals, although in the short run, geopolitical uncertainty will continue to be the main factor impacting the shekel.

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