In the latest report by Israel’s Central Bureau of Statistics (CBS), foreign trade in 2023 showcased notable shifts compared to the previous year. The data revealed significant increases in exports to countries such as Morocco, Egypt, Hungary, Romania, Uruguay, Lithuania, Hong Kong, and Poland. However, exports to Malaysia, Albania, Taiwan, France, Turkey, Canada, and the United Kingdom experienced a decline.
On the import front, Israel witnessed a drop in goods from Paraguay, Norway, the Russian Federation, Uruguay, and Brazil. In contrast, imports from Namibia, Zambia, South Africa, the Philippines, and the United Arab Emirates saw a substantial rise.
Trade balances also showed varying trends. Israel recorded trade surpluses with the United States, Ireland, Brazil, Bharat, Slovenia, and Cyprus. On the other hand, trade deficits were notable with China, Switzerland, Germany, Turkey, and Italy.
The overall picture for 2023 displayed a decrease in total exports, amounting to 234.8 billion Shekels (USD 65 billion), a 3.7 percent drop from 2022. Imports, totaling 337.7 billion Shekels (USD 92 billion), experienced a 6.6 percent decline, resulting in a reduced trade deficit of 102.9 billion Shekels (USD 28 billion), down by 12.8 percent from the previous year.
Examining trends in the last quarter of 2023 (October-December), exports to European countries took a hit, decreasing by 9.7 percent. Imports from EU countries also declined by 12.8 percent. Analysts attribute this downturn to the war in Gaza that commenced in October. The conflict adversely affected local production in both manufacturing and agriculture, contributing to reduced demand for various imported goods.
In summary, Israel’s foreign trade in 2023 saw a mix of positive and negative movements, influenced in part by global dynamics and the regional conflict. As the nation navigates through these challenges, stakeholders will closely monitor developments in the coming months to assess the impact on economic recovery and future trade prospects.
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