Israel’s foreign trade in goods decreased in 2023

Tel Aviv [Israel]: Israel’s Central Bureau of Statistics (CBS) released the data on the country’s foreign trade in goods for the year 2023. Both imports and exports decreased from 2022, which is understandable given the disruption of commerce in Israel caused by the war in Gaza that began with the attack on October 7, 2023. 

2023 compared with 2022: The trade deficit (goods only) decreased by 14.1 per cent. Exports of goods decreased by 2.4 per cent. Exports of medium-low technology industries decreased by 9.1 per cent. Imports of goods decreased by 6.7 per cent. Imports of fuels decreased by 18.5 per cent. 

Trend data October-December 2023 – 4th Quarter 2023 (annual rates): Exports of high technology industries decreased by 6.8 per cent. Imports of goods (excluding ships, aircraft, diamonds and fuels) decreased by 13.9 per cent. Imports of consumer goods decreased by 18.5 per cent. 

A breakdown of industrial exports by technological intensity points to a 2.0 per cent increase in exports by high technology industries, exports by medium-high technology industries decreased by 1.8 per cent, exports by medium-low technology industries decreased by 9.1 per cent and exports by low technology industries increased by 11.7 per cent compared with 2022. 

Detailed data of imports by economic use show that imports of fuels decreased by 18.5 per cent, imports of diamonds (raw and polished) decreased by 29.4 per cent, imports of consumer goods decreased by 1.8 per cent and imports of raw materials (excluding diamonds and fuels) decreased by 6.5 per cent. In contrast, imports of investment goods (excluding ships and aircraft) increased by 8.0 per cent.