IN ORE
emays
BUYING
Account Hits
Record High
Israel's balance of payments
deficit shot up 66 percent in the
first three quarters of the year to
a record $3.462 billion as the
trade balance worsened and uni-
lateral transfers fell, the Central
Bureau of Statistics reported.
The balance of payments, or
current account, includes the bal-
ance of trade and of financial
transfers.
The trade deficit jumped 20.6
percent to $7.345 billion as im-
ports rose 10.4 percent to $24.781
billion and exports increased a
more moderate 6.6 percent to
$17.435 billion.
Bank of Israel director of re-
search Leora Meridor said the
account figures were "a lot less
awful than we had previously
thought."
Trade Deficit
Gap Closes
The trade deficit in Israel fell
over a third last month to $520
million as exports rose 6.8 per-
cent and imports dropped 7.3
percent, the Central Bureau of
Statistics reported.
Exports grew to $1.56 billion
from $1.455 billion in October,
while imports declined to $2.081
billion from October's record high
$2.246 billion.
During the first 11 months of
the year, the trade gap widened
by $1.3 billion, or 23 percent over
the same period last year. Im-
ports jumped by $2.9 billion or
16percent, while exports grew
by $1.6 billion, a 12 percent in-
crease.
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Taxing Situation
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Israeli public companies' net
earnings after taxes fell 39.2 per-
cent on average in the first nine
months of the year from the
same period last year, according
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vey.
The continuing study tracks
the performance of the 362 com-
panies traded on the Tel Aviv
Stock Exchange.
Mizrahi's research depart-
ment blamed the drop in prof-
its on a 67 percent increase in
financing expenses, losses from
investments in securities, and
high interest payments com-
pared with the first nine months
last year.
In the first three-quarters of
this year, 29 percent of the com-
panies surveyed reported a wors-
ening in net profits and 64
percent reported an increase in
sales.
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