Israel today halted exports to Rumania when the amount of Rumania’s credit greatly exceeded the amount of Israel’s purchases from Rumania.
Under the trade agreement between the two countries, which is carried out on a clearing basis, there is a “credit swing” of $1,250,000. Rumania had already purchased goods worth $1,250,000 from Israel, but Israel has ordered only a small quantity of Rumanian goods. Rumanian importers have now ordered $2,000,000 worth of more goods from Israel, mainly citrus, phosphates, pipes and plastics. However, Israel has ruled that those orders cannot be filled until Israel buys a sizable quantity of goods from Rumania.
Government statistics released here today showed that Israel’s trade deficit–the balance between imports and exports–has gone down. The figures showed that, in the first 10 months of this year, the trade deficit had declined to $321,000,000. The comparable figure for the period January-October in 1964 was $381,000,000.
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