This marks an increase of 4.7 billion dollars compared to the surplus recorded in 2022, as outlined in the annual balance of payments report.
The surge in 2023 current account surplus is attributed to a drop by 6.4-billion-dollar in goods trade deficit, a 1.4-billion-dollar decrease in primary income account deficit, and a 0.2 billion-dollar increase in the surplus of the secondary income account.
However, this increase was offset by a 3.3-billion-dollar drop in services trade surplus, the bureau said in a statement.
Overall, the surplus in the goods and services trade account amounted to 18.6 billion dollars, up from a surplus of 15.5 billion dollars in 2022, according to its report.
The current account balance encompasses the transactions of Israeli residents with foreign entities in the exchange of goods and services, as well as income from financial investments, compensation of employees, and current transfers.
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