Export growth remains strong in Q4

ISRAEL - In Brief 13 Jan 2022 by Jonathan Katz

Export growth remains strong in Q4 Manufacturing exports expanded by 13% saar in Q4 following growth of 25% in Q3. Export growth was concentrated in computer components, pharmaceuticals and defense industries. Manufacturing exports increased by 15% in all of 2021. In Q4, imports of raw materials increased by 16%, consumer imports increased by only 1.5% (as new vehicle imports declined sharply), and imports of machinery and equipment surged by 92%. The trade deficit is up by 55% in 2021, but this was mostly offset by strong hi-tech service exports. Both exports and most import items are expanding rapidly, providing a positive indicator of economic activity. The fact that exports continue to expand rapidly supports the notion that there is less justification for strong BoI FX intervention

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