Services exports data for November and for Jan-Nov 2017

January 25, 2018
Bottom line: November was an(other) excellent month for service exports, which are continuing to achieve rapid rates of expansion across the board, not just in the high-tech sectors. While it is the latter that provide the main thrust, both in the narrow context of service exports and for the overall economy, the strength of the tourist sector — despite the continued rise in the shekels’s value! — is also very significant for the labour market and hence from a socio-political perspective.

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Trade data for January-December 2017

January 11, 2018
Bottom line: The deficit on trade in goods for 2017 widened significantly compared to 2016 — which had jumped sharply — after having narrowed in the first half of the year. Once again, the primary driver was higher fuel prices, which alone accounted for 60% of the total year-on-year increase. Vehicle imports, on the other hand, dropped. Overall import growth was low, but still exceeded export growth. Exports were held back by weakness in electronics, although some other sectors scored strong gains.

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Trade data for July and January-July 2017

August 15, 2017
Bottom line: The July trade data suggest grounds for concern, which may be specific to the pharma sector or perhaps be wider. Whether measured by ‘original data’ or seasonally adjusted data, goods trade in July generated the largest monthly deficit of the year to date. On the other hand, the cumulative data for January-July present a much more stable picture. Developments in the next few months should be watched carefully.

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