Israel Current-Account Surplus Jumps to $1.84 Billion on Trade

Israel posted a current-account surplus, as net exports increased, the Central Bureau of Statistics said today.

The seasonally-adjusted surplus was $1.84 billion in the first quarter, compared with a revised $526 million in the October-December period, the statistics bureau said in an e-mailed statement. Last year, the country posted a surplus of a revised $849 million, compared with a surplus of $3.26 billion in 2011 and $7.17 billion in 2010.

Israel has maintained an annual surplus in its current account since 2003, driven by exports, which make up about 40 percent of gross domestic product. The surplus is expected to continue this year, as first-time natural gas production begins, cutting the need for energy imports.

Israel posted a $1.68 billion surplus in trade in goods and services in the first quarter, compared with a $492 million surplus the previous three months, the bureau said.

To contact the reporter on this story: Alisa Odenheimer in Jerusalem at aodenheimer@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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