The trade deficit in Israel rose to USD 3.04 billion in December of 2019 from USD 2.00 billion in the corresponding month of the previous year. Exports fell 2.5 percent year-on-year to USD 4.07 billion while imports jumped 15.1 percent to USD 7.11 billion. Considering full 2019, the trade gap widened to USD 23.7 billion from USD 21.5 billion last year, as exports plunged 4.2 percent to USD 51.9 billion while imports were unchanged at USD 75.6 billion. Exporters have suffered from a strong shekel, which appreciated 8.3 percent last year against a basket of currencies of Israel's main trading partners. Balance of Trade in Israel averaged -509.01 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 -3059.40 USD Million in July of 2019.
Balance of Trade in Israel is expected to be -1660.00 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 -2080.00 in 12 months time. In the long-term, the Israel Balance of Trade is projected to trend around -2160.00 USD Million in 2020, according to our econometric models.