Israel’s 2023 Foreign Trade Highlights: Surges and Declines

Israel's 2023 Foreign Trade Highlights: Surges and Declines

VoM News Desk | January 23, 2024 | 05:28 PM IST | Israel, World | Follow on Google News

Israel’s 2023 Foreign Trade Highlights: Surges and Declines (Representative Image)

Israel’s 2023 Foreign Trade Highlights: Surges and Declines

Israel’s Central Bureau of Statistics (CBS) released data on the country’s foreign trade in 2023, unveiling notable changes compared to the previous year.

Countries with Largest Export Increases:

• Morocco
• Egypt
• Hungary
• Romania
• Uruguay
• Lithuania
• Hong Kong
• Poland

Countries with Largest Export Decreases:

• Malaysia
• Albania
• Taiwan
• France
• Turkey
• Canada
• United Kingdom

Countries with Largest Import Increases:

• Namibia
• Zambia
• South Africa
• Philippines
• United Arab Emirates

Countries with Largest Import Decreases:

• Paraguay
• Norway
• Russian Federation
• Uruguay
• Brazil

Trade Surpluses (Excluding Diamonds) with:

• US
• Ireland
• Brazil
• India
• Slovenia
• Cyprus

Trade Deficits (Excluding Diamonds) with:

• China
• Switzerland
• Germany
• Turkey
• Italy

2023 Trade Overview:

• Exports of goods (gross): 234.8 billion Shekels (USD 65 billion), a 3.7% decrease compared to 2022.
• Imports of goods (gross): 337.7 billion Shekels (USD 92 billion), a 6.6% decrease compared to 2022.
• Trade deficit of goods (gross): 102.9 billion Shekels (USD 28 billion), a 12.8% decrease compared to 2022.

Trend Data (October – December 2023):

• Exports to European countries decreased by 9.7%.
• Imports from EU countries decreased by 12.8%.
• The war in Gaza from October adversely affected local production in manufacturing and agriculture, impacting demand for many imported goods.

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