Exports in Six-Month Surge

Israeli exports racked up another three months of a six-month surge, according to data released by the Central Bureau of Statistics (CBS) on Thursday.

High-tech exports and private consumption continue to drive the economy forward. November 2014-January 2015 figures published by the CBS show that exports of goods surged by an annualized 22.9%, following a 24.4% spurt in the three preceding months.

The figures do not include exports of diamonds, ships or airplanes. However, in contrast to the general rise in exports of goods, exports by traditional industries and exports of services and business services were much less positive.

The figures also reflect the rising trend in private consumption, which was considered the main factor in the economy’s growth last year. Total credit card purchases by private consumers were up by an annualized 3.4% in November 2014-January 2015, following a 7.8% gain in the three preceding months.

Industrial exports (industry, mining, and quarrying, but excluding diamonds, ships, and airplanes), rose by an annualized 24.9% in November 2014-January 2015, on the heels of a 24.3% increase in the prior three months. A breakdown by type of technology shows that exports grew in most categories, other than industries with mixed traditional technology. The rise in exports was particularly impressive in high tech (electronics, aircraft and pharmaceuticals).

Exports of services (excluding startups) dipped 1.7% in November 2014-January 2015, following a 6.4% rise in the two preceding months. Exports of tourist services were up 2.1% in November 2014-January 2015, on the heels of an 11.8% jump in the two preceding months. Exports of business services (excluding startups) were down 2.8% in November 2014-January 2015, after climbing 5.1% in the two preceding months.

This article appeared in print on page 6 of the February 27th, 2015 edition of Hamodia.