Central Bureau of Statistics recorded first drop in exports in five years

The Central Bureau of Statistics (CBS) released economic figures last week showing a slowdown in the rise of imports into Israel and a decline in exports.
 
Israel's trade deficit in October 2008 was $1.8 billion, with imports exceeding $4.8 billion and exports of less than $3.1 billion. This is the first drop in exports in five years, although there have been slowdowns in the rate of growth.
 
The figures do not include trade with Palestinian Authority, and does not include foreign trade in services such as software.
 
For the first 10 months of 2008, January-October, the monthly average for the trade deficit was $1.2 billion, or $14.6 billion annualized. That's an increase of 44% in annual terms, compared to 2007, when the trade deficit was $10.2 billion.
 
Manufacturing exports (excluding diamonds) constituted 82% of all export of goods in October; diamonds accounted for 15%, and agriculture for 3%. High-tech exports totaled $1 billion in October, 40% of total manufactured exports. Trend data point to an annualized drop of 18.2% in high-tech exports.