Israel sees decrease in foreign trade in 2023

Tel Aviv [Israel], January 23 (ANI/TPS): Israel’s Central Bureau of Statistics (CBS) reported on Israel’s foreign trade in 2023 as compared to 2022.

The countries to which exports of goods (excluding diamonds) from Israel had the largest increases in 2023 were Morocco, Egypt, Hungary, Romania, Uruguay, Lithuania, Hong Kong and Poland.

In contrast, the countries with the largest decreases in exports from Israel were Malaysia, Albania, Taiwan, France, Turkey, Canada and the United Kingdom.

The countries from which imports of goods (excluding diamonds) to Israel had the largest decreases were Paraguay, Norway, Russian Federation, Uruguay and Brazil.

In contrast, the countries with the largest increases were Namibia, Zambia, South Africa, Philippines and United Arab Emirates.

The countries with which Israel had the largest trade surpluses (excluding diamonds) were the US, Ireland, Brazil, India, Slovenia and Cyprus.

The countries with which Israel had the largest trade deficits (excluding diamonds) were China, Switzerland, Germany, Turkey and Italy.

In 2023, exports of goods (gross) totalled 234.8 billion Shekels (USD 65 billion), a decrease of 8.9 billion Shekels (USD 3.5 billion or 3.7 percent) compared with 2022.

Imports of goods (gross) totaled 337.7 billion Shekels (USD 92 billion), a decrease of 24 billion Shekels (USD 6.5 billion or 6.6 percent) compared with 2022.

The trade deficit of goods (gross) totaled 102.9 billion Shekels (USD 28 billion), a decrease of 12.8 per cent compared with 2022.

Trend data in October – December 2023

Exports of goods to European countries decreased by 9.7 percent.

Imports of goods from EU countries decreased by 12.8 percent.

This is understandable since the war in Gaza began in October which adversely affected local production in both manufacturing and agriculture. The war also decreased demand for many imported goods.