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Israel posted a respectable $1.7 billion surplus in its balance of payments for the first quarter of 2007.

The main reason Israel has been presenting surpluses in its balance of payments over years is greater export of services than import.

However, the surplus did shrink a little in the first quarter of 2007, compared with $1.8 billion in the previous quarter and $2.3 billion in the third quarter of 2006.

The Central Bureau of Statistics reported last week that trade in services ran a surplus of $555 million in the first quarter of 2007.