Thursday, November 12, 2009

Israeli Exports Rise

Israel was the first country to raise interest rates after the financial crisis, and it now appears to be the first to register positive annual export growth. Exports rose 5.4% in the year to October while imports fell 25%, resulting in the first Israeli trade surplus in recorded history. The drop in the cost of imports was largely the result of cheaper oil.

The Israeli economy was one of the few that had positive growth in the second quarter, and judging by these trade numbers and other numbers, growth has probably increased even more since then.