Total value of imports to Israel USD 89.5 billion in 2024
Israel's 2024 Import Surge: Cars and White Goods Lead the Way
In 2024, Israel saw a slight increase in total imports, reaching USD 89.5 billion, just 1% more than in 2023. However, December 2024 alone saw a significant rise, with imports valued at USD 9.3 billion, a 29.5% increase from December 2023. This surge was mainly due to a sharp rise in vehicle imports.
Vehicle Imports
Private vehicle imports in 2024 totaled 325,943, marking a 14.8% increase from 2023. Commercial vehicle imports also rose slightly by 1.9%. The spike in December was driven by changes in tax benefits for electric vehicles, leading to a rush in imports before the new regulations took effect. In December 2024, electric vehicles made up 35% of total vehicle imports, down from 56% in December 2023.
White Goods Imports
There was a notable increase in the import of white goods such as refrigerators, washing machines, dryers, and dishwashers, with increases of 30.4%, 27.2%, 64.5%, and 28.2% respectively over the year. December 2024 saw even sharper increases, likely due to consumers buying ahead of a VAT rate hike from 17% to 18%.
Doubts Revealed
Israel
Israel is a country in the Middle East, located on the eastern shore of the Mediterranean Sea. It is known for its rich history and diverse culture.
Imports
Imports are goods and services that a country buys from other countries. For example, if Israel buys cars from another country, those cars are considered imports.
USD 89.5 billion
USD stands for United States Dollar, which is a type of money used in many countries. 89.5 billion means 89,500,000,000 dollars, which is a very large amount of money.
Private vehicle imports
Private vehicle imports refer to cars that are brought into a country for personal use, not for business or public transport.
Electric vehicles
Electric vehicles are cars that run on electricity instead of petrol or diesel. They are considered more environmentally friendly because they produce less pollution.
White goods
White goods are large home appliances like refrigerators, washing machines, and ovens. They are called 'white goods' because they are often white in color.
VAT
VAT stands for Value Added Tax, which is a type of tax that people pay when they buy goods and services. In India, it is similar to GST (Goods and Services Tax).
Your email address will not be published. Required fields are marked *