JERUSALEM, Dec. 13 (Xinhua) -- Israel's international trade of goods recorded significant declines in November amid the ongoing conflict with Hamas, according to data issued Wednesday by the country's Central Bureau of Statistics.
Israeli exports totaled 4.91 billion U.S. dollars in November, down 18.39 percent compared to November 2022, while Israeli imports amounted to 6.42 billion dollars last month, down 21.78 percent year-on-year.
The most significant declines in Israeli exports in November were recorded in the chemical, diamond, and drug industries, while the main import declines were in clothing, household utensils, raw materials, and fuels.
Chen Herzog, the chief economist of BDO Consulting Israel firm, told Xinhua that the decrease in Israeli imports was mainly due to the decline in consumption due to the conflict, with about 300,000 households having a recruited person to the army reserves.
Herzog explained that the export decrease was mainly caused by a prioritization change due to the conflict, focusing more on the local market rather than the global ones, for example, regarding defense and fuel industries.
"Other causes are the cessation of natural gas exports to Egypt until mid-November due to a temporary shutdown of the Tamar field in the Mediterranean Sea, and a decrease in chemical exports from the southernmost Port of Eilat due to Yemen's Houthi threat in the Red Sea," he added.
Regarding the coming months, Herzog forecasts a full recovery of Israeli exports, but does not expect a quick recovery of Israeli imports, as households will continue to reduce consumption, which will "affect the import of cars, furniture and raw materials for home construction." ■
