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  • In 2013, Israel’s surplus of assets over liabilities vis-à-vis abroad increased by about $6.5 billion (about 11 percent), to about $64 billion at the end of December. An increase of $35 billion (about 13 percent) in the value of Israelis’ assets abroad was partly offset by an increase of $29 billion (about 13 percent) in the value of liabilities held abroad by Israelis.

  • The increase in the value of the asset portfolio was mainly the result of an increase in the balance of financial investments by Israelis in tradable assets, shares and bonds ($19.3 billion).  Increases were also recorded in the other tracks: the Bank of Israel’s foreign currency reserves—$5.9 billion; other investments—$5.1 billion; and direct investment abroad—$4.7 billion.

  • The increase in the gross balance of liabilities to abroad derived from an increase in the value of nonresidents’ tradable securities portfolio ($16 billion), mainly an increase in the value of shares, and from the flow of direct investment by nonresidents in Israel ($11.8 billion).

  • In 2013, the gross external debt to GDP ratio declined, by another 5 percentage points, further to the decline of about 7 percentage points in 2012, to only about 32 percent at the end of December.

  • The surplus of assets over liabilities vis-à-vis abroad in debt instruments alone (negative net external debt) increased in 2013 by about $16 billion (22 percent), further to an increase of about $8 billion in 2012, and reached about $87 billion at the end of the year.

 

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Israel's net assets abroad (the surplus of assets over liabilities) continued to increase, by about $6.5 billion (about 11 percent) in 2013, to around $64 billion at the end of December. An increase of $35 billion (about 13 percent) in the value of Israelis’ assets abroad was partly offset by an increase of about $29 billion in the value of Israelis’ liabilities to abroad (Figure 1).

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The balance of Israel's assets abroad increased markedly during 2013, by about $35.3 billion (13 percent), to about $314 billion at the end of the year, mostly comprised of an increase in the balance of financial investments in tradable assets (shares and bonds) ($19.3 billion).
The value of the shares portfolio increased markedly in 2013, by $14.6 billion (about 33 percent): the net flow of investments by Israelis—$6.4 billion, mainly by institutional investors ($4 billion), and about $8.1 billion in respect of price increases on markets abroad.
The balance of investments in tradable bonds abroad increased by about $4.8 billion in 2013 (15 percent), primarily through net investment flow.
Other investments increased by about $5.1 billion, of which about $1.9 billion were growth in the balance of trade credit, in parallel with growth in Israeli exports, and about $1 billion in deposits by Israeli banks in foreign banks.
The value of foreign currency reserves increased by $5.9 billion in 2013, mainly due to the Bank of Israel’s intervention in foreign exchange trading.
In the composition of residents' securities portfolio abroad, the increase in the weight of shares continued during 2013, at the expense of the other components other than investments in bonds.

 

Since 2008, the weight of investments in shares traded abroad has almost tripled itself reaching about one-quarter of the portfolio.  During the same period, the weight of deposits in foreign banks abroad declined to only about 9 percent, compared to 22.5 percent at the end of 2008 (Figure 2).
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The balance of Israel's liabilities to abroad increased during the 2013 by about $29 billion, derived from an increase in the value of the tradable securities portfolio of nonresidents ($16 billion, most an increase in the value of shares), and from a marked flow of direct investments in the economy ($11.8 billion).

The value of nonresidents' financial portfolio on the Tel Aviv Stock Exchange increased 2013 by around $3.2 billion (11.3 percent), to about $30.2 billion at the end of December. Nonresidents invested about $1.5 billion in shares traded on the Tel Aviv Stock Exchange during the year, mainly in the pharmaceuticals, banking and communications industries—a marked increase compared to 2012, when they invested just $0.4 billion. In contrast, the balance of holdings of shekel-denominated bonds traded in Tel Aviv declined by $1.8 billion, further to the decline of $3.8 billion in 2012 (Figure 3).

 

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The gross external debt

Israel's gross external debt declined by $1.3 billion (1.4 percent) in 2013, mainly as a result of withdrawals by nonresidents from deposits in Israeli banks, and of the net sale of shekel-denominated bonds on the Tel Aviv Stock Exchange.

The ratio of gross external debt to GDP declined in 2013, by a further 5 percentage points, continuing the decline of 7 percentage points in 2012, and reached just 32 percent at the end of December (Figure 4).

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The net external debt

The surplus of assets over liabilities abroad in debt instruments alone (negative net external debt) increased by about $15.8 billion (22.3 percent) in 2013, and reached $87 billion at the end of December (Figure 5).

The balance of short-term debt assets was about $130 billion at the end of December, a coverage ratio of 3.1 of short-term debt, compared to a ratio of 2.7 at the end of 2012.

 

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For the complete data file, click here:  http://www.bankisrael.gov.il/deptdata/pik_mth/pikmth_e.htm