Foreign Trade in Goods and Services in 2014
As reported by the PCBS, in 2014 trade transactions in goods in Palestine rose by 9.3% from 2013, to a level of $6,626.9 million. This was the result of a 10.1% increase in imports (to $5,683.2 million) and a 4.8% increase in exports (to $943.7 million). The significant deficit in the net trade balance in goods also went up by 11.2%, to $4,739.5 million. As expected, Israel remained the number one trade partner for Palestine, accounting for as much as 71.1% of all trade transactions in goods, 69.6% of all Palestinian goods imports, and 83.9% of all Palestinian goods exports. Other important trade partners included: Turkey (4.9% of total trade transactions, 5.7% of total imports, 0.3% of total exports), China (4.3%, 5.0%, 0.005%), Jordan (2.5%, 1.8%, 7.0%), and Germany (2.1%, 2.5%, 0.2%). The most significant imports were: mineral products (36.1% of total imports), prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactures tobacco substitutes (11.5%), vegetable products (8.7%), and machinery and mechanical appliances; electrical equipment; parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles (8.2%). The most exported goods included: articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware (23.2% of total exports), base metals and articles of base metal (11.9%), vegetable products (11.5%), and miscellaneous manufactured articles (11.2%).
The PCBS also reported on trade in services with Israel. Last year, trade transactions in services between Palestine and Israel amounted to $340.9 million, up by 5.8% from 2013. Exports ($190.8 million, up by 2.7%) exceeded imports ($150.2 million, up by 10.1%), though the surplus in the trade balance in services dropped by 17.9% to $40.6 million. The most sizeable services exports were: goods for processing 34.4% of total services exports), construction services (33.8%), and telecommunication services (15.0%). Meanwhile, other business services (51.3% of total services imports), transportation services (31.4%), and telecommunication services (11.5%) constituted the most important services imports.
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