The trade deficit in Israel decreased to USD 2,937 million in July 2019 from USD 3,019 million in the corresponding month of the previous year. Exports jumped 6.6 percent to USD 4,296 million while imports rose at a softer 2.6 percent to USD 7,233 million. Considering the January to July period, the trade gap widened to USD 13.9 billion from USD 12.8 billion in the same period of 2018, as exports fell 3.8 percent to USD 31.2 billion while imports dropped 0.3 percent to USD 45 billion. Balance of Trade in Israel averaged -498.79 USD Million from 1959 until 2019, reaching an all time high of 113.80 USD Million in May of 2009 and a record low of -3019 USD Million in July of 2018.
Balance of Trade in Israel is expected to be -2250.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Israel to stand at -1500.40 in 12 months time. In the long-term, the Israel Balance of Trade is projected to trend around -1589.70 USD Million in 2020, according to our econometric models.