Jerusalem [Israel], January 14 (ANI/TPS): The Israel Tax Authority reported that the total value of all imports in 2024 amounted to USD 89.5 billion, an increase of only 1 per cent compared to 2023. In December 2024, it amounted to USD 9.3 billion, an increase of 29.5 per cent compared to the value of imports in December 2023. The increase was largely explained by a sharp increase in vehicle imports. The value of imports would have been higher in December 2023 if it were not for the security threat in the transfer of goods through the Red Sea.
In 2024, automobile imports totalled 325,943 vehicles (private) compared to 283,835 in 2023, an increase of 14.8 per cent. Commercial vehicle imports amounted to 10,470 vehicles compared to 10,278 in 2023, an increase of 1.9 per cent.
Passenger vehicle imports were lower in the aggregate through November 2024 compared to the corresponding period in 2023, and the annual increase was due to the advance of massive imports in December 2024 on the eve of the reduction in the purchase tax benefit for electric vehicles, an update to the green taxation formula, and a green taxation outline.
In December 2024, imports of electric vehicles (before the purchase tax increase) were recorded at a rate of 35 per cent of total vehicle imports in that month, compared to December 23, when electric vehicles accounted for approximately 56 per cent of total passenger vehicle imports.
In 2024, imports of white goods increased compared to 2023. Imports of refrigerators, washing machines, dryers, and dishwashers increased by 30.4 per cent, 27.2 per cent, 64.5 per cent, and 28.2 per cent, respectively.
In December 2024, compared to December 2023, there was a sharper increase in imports of white goods. Refrigerators, washing machines, and dryers increased by 42.8 per cent, 124.5 per cent, 68.7 per cent, and 59.7 per cent, respectively. The high imports are likely explained by an increase in consumption prior to the increase in the VAT rate from 17 per cent to 18 per cent. (ANI/TPS)