Trade data for July and January-July 2017

August 15, 2017

Specifics:

  • The overall trade deficit (before seasonal adjustment) for January-July reached $7.5bn, over 5% higher than the $7.1bn deficit in the first seven months of 2016.
  • Both total imports and total exports posted small increases, of 2.0% and 1.2% respectively.
  • However, for July alone, the unadjusted total deficit was $2.25bn, by far the highest monthly total this year. Excluding ships, aircraft and diamonds, the deficit was still as high as $2.16bn, and after seasonal adjustment this total stood at almost $1.6bn — again, an exceptionally high amount.
  • Even excluding fuels as well left the deficit above one billion dollars (at $1.04bn) — for the first time this year.
  • Vehicle imports rebounded strongly in July, although on a year-to-date basis they continue to run well below last year’s record levels, while fuel imports remain some 23% higher than the parallel period in 2016.
  • High-tech exports were down by 10% compared to July 2016. In addition to the stagnation apparent for some time in electronics exports, pharmaceutical exports have slumped in the last two months. July pharma exports were barely half the level of July 2016.This development may be linked to the general crisis at Teva and/or the wider problems of the pharma sector.

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