Palestine recorded a trade deficit of 382.50 USD Million in October of 2019. Balance of Trade in Palestine averaged -262.31 USD Million from 2001 until 2019, reaching an all time high of -66.79 USD Million in April of 2002 and a record low of -429.10 USD Million in March of 2011. source: Palestinian Central Bureau of Statistics
Balance of Trade in Palestine is expected to be 0.00 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 Palestine to stand at -381.70 in 12 months time. In the long-term, the Palestine Balance of Trade is projected to trend around -397.00 USD Million in 2020, according to our econometric models.
Palestine Balance of Trade
Palestine reports chronic trade deficits due to the territories' inability to access key resources and because of the mobility restrictions imposed by Israel. Palestine mainly exports cement, base metals, iron and steel, food and beverages, furniture, plastics and dairy products. Palestine mainly imports oil, food, vegetables, machinery, metals, vehicles, chemicals, livestock, beverages and salt. Palestine's main trading partner is Israel (accounting for around 74 percent of total trade). Other trading partners include China, Turkey, Germany, Italy and France.